The S&P500 Futures bounced from a very strong support area on Thursday and formed a Pin bar on the daily chart.
This area is confluent with many signals below it
- AB = 1.618 CD
- A correction of 0.618-0.707 area to the wave
- Rejection of VWAP anchored from 2022 low
- Retest of the Downtrend line
- Resistant becomes Support
Then it closed on Friday with a momentum bar. I am only bullish.
Price is expected to pullback, then take off to at least 4470, the Target 1. It is a strong supply zone.
Then we will see if it can break the new high. 4950 is Target 2. It is a 1:1 measurement of Head and Shoulders.
This area is confluent with many signals below it
- AB = 1.618 CD
- A correction of 0.618-0.707 area to the wave
- Rejection of VWAP anchored from 2022 low
- Retest of the Downtrend line
- Resistant becomes Support
Then it closed on Friday with a momentum bar. I am only bullish.
Price is expected to pullback, then take off to at least 4470, the Target 1. It is a strong supply zone.
Then we will see if it can break the new high. 4950 is Target 2. It is a 1:1 measurement of Head and Shoulders.