SP500 on the 4h chart reached as expected the weekly support.
The price started a choppy move and create a dirty double bottom that lead to a retracement move to the upside.
After a test of the daily resistance and a double top the market dropped at the 0.618 Fibonacci level over an ascending trendline.
How can we approach this scenario?
If the price will break and close above the resistance structure at the retest of it we will set a nice long order according to the Plancton Academy rules.
––––
Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue structure -> Daily structure.
• 🟡 Yellow structure -> 4h structure.
• ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price started a choppy move and create a dirty double bottom that lead to a retracement move to the upside.
After a test of the daily resistance and a double top the market dropped at the 0.618 Fibonacci level over an ascending trendline.
How can we approach this scenario?
If the price will break and close above the resistance structure at the retest of it we will set a nice long order according to the Plancton Academy rules.
––––
Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue structure -> Daily structure.
• 🟡 Yellow structure -> 4h structure.
• ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
The market is testing the resistance zone, after the break we will check for the opportunity to open a long order
Comment:
The price is struggling to break above the resistance area and is retesting the 4h support