SPX holds a bearish 5-wave structure of the fractal 1st + 3rd waves at 5040-5080
$S&P 500(.SPX)$ holds a bearish 5-wave structure near the 90-100% extensions of the fractal 1st + 3rd waves at 5040-5080.
It may not have enough juice to get there, but the 5-wave structure favors a pullback following.
That pullback is expected to begin [W4] or a bullish 2nd wave to continue the melt up.
Regardless, 5040-5080 should be seen as strong resistance and high risk for longs.
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$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2409(ESmain)$
From today's open, we were expecting a downside move to take ES to 5530 🎯
We expected the 5570 range to act as resistance to produce a lower low and price ended up declining 40 points to our target🔥
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https://x.com/TriggerTrades/status/1803964633088139546
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- moobug·06-24Thanks.LikeReport