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TheCryptagon
Mar 12, 2024 8:28 PM

S&P500 This is the end of the 5 month Bullish Leg. Short

CAPITALCOM:US5001D
US 500Capital.com

Description

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S&P500 / US500 is approaching the top of a Fibonacci Channel Up that goes back all the way to August 2022.

The 1day MA50 has been in firm support since November 3rd 2023 but as the 1day RSI is squeezed inside a Triangle pattern, a break out is inevitable.

This is technically more likely to be to the downside due to this overbought multi month momentum near the top of the Channel.

Sell and target 4950 (Support A, 0.382 Channel Fib and -6.00% from the top).

Previous chart:



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Trend AnalysisChart PatternsTechnical IndicatorsSPX (S&P 500 Index)us500S&P 500 E-Mini Futuresstandardandpoor500
Comments
rishirathoreprofits
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i would advise everybody to go long. why ? because all of you experts are crying short without any valid sell signal.
novamatic
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I like this idea but I'm wondering if we dont surprise and head UP instead of down. on major factor would be the direction of the dollar. consider this chart:
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