Hello,traders ! I am going to show you my bias on this index. S&P500
is in a long-term uptrend so we should definitely look for a buy positions. Price has made Head and Shoulder pattern which isn’t confirmed yet. We put a fibonacci there and we can see,that 0.618 fibonacci level (golden ratio) nicely fits with a H&S
pattern’s neckline and also with a support level
. Price is also forming AB=CD
pattern which will be finished on 0.618 fibonacci level as well ! Also RSI
(10) indicator is telling that price needs to go lower.
This index is really interesting to me so I will be waiting for the price to reach our 0.618 fibonacci level and then I am going to realize a "BUY" position.
Thank you for reading this 👌