BASED OF THE WEEKLY LAST SELL TO BUY CANDLE IN WHICH I HAVE USED 50% AS A KEY TARGET AREA. 3600 USED AS RESISTANCE LEVEL. CONSIDERING LATEST LOCKDOWN NEWS, I PREDICT SPX WILL RESPECT THE 3600 KEY LEVEL AND SHORT DOWN. APPROX 1 TO 12 RATIO.
WATCH ON SMALLER TIMEFRAME TO FIND EXHAUSTION CANDLES OR SIGNS OF REJECTION ONCE AT THE 3600 LEVEL. MAY ALSO FAKE-OUT TO FORM A NEW HIGH BUT WILL FILL THE LAST SELL TO BUY LEVEL.
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ON THE SMALLER TIME FRAME IT IS SHOWING BEARISH SIGNS. IF PRICE BREAKS THE 78.6 REIGION IT HAS PREVIOUSLY RESPECTED @ 3530 THEN LOOK INTO A SELL.
IF NOT WAIT UNTIL PRICE HAS BROKEN AND RETESTED THE 3600 AREA.
IF PRICE RESPECTS THE THIRD TIME IT HAS ENTERED THE 78.6% LOOK TO GO LONG AS IT MAY BREAK THE 3600 AREA.