• SP 500 (SPX) today has reversed at a key support located at the October 2014 low
  •  In my opinion from the May high price is unfolding a Zig Zag (ABC)
  • Even though the wave (C) is probably not over yet odds should favour a brief turnaround (If the bullish setup plays out may it could last 1 week)
  • If today´s reversal has follow through to the upside above the resistance at 1902 in the weekly time frame the next resistance is located at 1950

SP 500 WEEKLY CHART

 

  • Therefore even though this setup is a countertrend trade the Risk/Reward of a long in UPRO is favourable
  • If the gap at 48.67 is closed the target located at 51.80 ish is doable ( Upside = 10%)

 

UPRO DAILY CHART

 

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