Short
SP 500 FUTURES - DOWNSIDE RISK 15 % ---> 3042.70
Last 2 sessions price action is showing a trend reversal in progress.
It is more than likely to see further downside move towards the 3050 area (342.70 being the 38.2% Fib ret of the 2174.70-3579.20 (March-August rally)
This area also coincides roughly with the Ichimoku clouds support zone
Indicators have already turned down
On the weekly picture, the downside risk might be even lower towards the 2875 area (-20%) ahead of 2710 (-24%) !
Fasten your seat belt !
It is more than likely to see further downside move towards the 3050 area (342.70 being the 38.2% Fib ret of the 2174.70-3579.20 (March-August rally)
This area also coincides roughly with the Ichimoku clouds support zone
Indicators have already turned down
On the weekly picture, the downside risk might be even lower towards the 2875 area (-20%) ahead of 2710 (-24%) !
Fasten your seat belt !
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