Chart of the day

SPX is breaking below the strong resistance of 5240. With this breakout, SPX could see a deeper reversal to 4800 and this would be the end of five upside waves. We are seeing a retest of this breakout now.

Only in the case of a break above 5300, we could see an immediate upside extension. A confirmed break above 5200 would leave the downside target 4800 opened and a high probability.

_{Look for the short trades here with the stop loss above 5300. Long trades you can take in the case of a confirmed price action break above 5310.}