Get started
IvanIII

SP500 1D SHORT - downtrend channel testing fib supports

Short
S&P 500 Index (FX:SPX500)  
IvanIII Updated   
FX:SPX500   S&P 500 Index
2
1
test of support @2040 which is also 23% fib retracement then test of main support @2000 where the 38% fib retirement passes. if support @2000 does not hold the recent rally may fade
Comment:
the reaction on the 23% fib level is now testing the resistance at 2079. if resistance holds the continuation pattern leads to 38% fib level at 2000
Comment:
the trend downwards continues leading to test again support @2040


snapshot
Comment:
the trade is confirmed

MAIN: SELL@2075 TARGET@2000 STOP LOSS@2085
ALTERNATIVE: BUY@2041 TARGET@2100 STOP LOSS@2031

snapshot
Comment:
the trade is confirmed

MAIN: SELL@2075 TARGET@2000 STOP LOSS@2085

ALTERNATIVE: BUY@2014 TARGET@2100 STOP LOSS@2031

snapshot
Trade closed: stop reached:
breakout of downtrend.

snapshot
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.