The S&P500 index (SPX) is within a corrective wave in the form of a Channel Down, which may have found a Support on the 4H MA200 (orange trend-line) but as long as it trades below the 4H MA50 (blue trend-line), it remains bearish. As a result our target is 4430 on a potential contact with the 1D MA50 (red trend-line).
If however it closes a 4H candle above the 4H MA50, we will buy instead and target 4600 (just below Resistance 1). The 4H RSI Higher Lows (which is a bullish divergence in contrast to the Lower Lows of the Channel Down), favor this scenario.
-------------------------------------------------------------------------------
** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
๐ธ๐ธ๐ธ๐ธ๐ธ๐ธ
๐ ๐ ๐ ๐ ๐ ๐
If however it closes a 4H candle above the 4H MA50, we will buy instead and target 4600 (just below Resistance 1). The 4H RSI Higher Lows (which is a bullish divergence in contrast to the Lower Lows of the Channel Down), favor this scenario.
-------------------------------------------------------------------------------
** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
๐ธ๐ธ๐ธ๐ธ๐ธ๐ธ
๐ ๐ ๐ ๐ ๐ ๐
๐Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!
๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!