Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
After the bears broke the last low in green, US500 has been overall bearish making lower lows and lower highs.
US500 has been stuck inside a range around a demand zone, however, we are not bullish yet.
Moreover, US500 formed a channel in red but it is not ready to go yet.
For the bulls to take over, we need a break above the previous high marked in gray.
Meanwhile, until the bulls take over, US500 would be overall bearish and can still trade lower or even break the blue zone downward.
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
After the bears broke the last low in green, US500 has been overall bearish making lower lows and lower highs.
US500 has been stuck inside a range around a demand zone, however, we are not bullish yet.
Moreover, US500 formed a channel in red but it is not ready to go yet.
For the bulls to take over, we need a break above the previous high marked in gray.
Meanwhile, until the bulls take over, US500 would be overall bearish and can still trade lower or even break the blue zone downward.
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich