S&P500 is trading inside a 1 year Channel Up with the price reaching today the 0.786 Fibonacci level, following the Fed rate hike.
Following the Bearish Megaphone that initiated November's rally, the can see that the last time such pattern started a rally, it peaked on the 0.786 Fibonacci (Dec 01 2022) before pulling back to the 0.236 level.
Trading Plan:
1. Sell on the current market price.
Targets:
1. 4500 (MA50 1d).
Tips:
1. The MACD (1d) is also printing the same pattern as the December 2022 High.
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Notes:
Past trading plan:
Following the Bearish Megaphone that initiated November's rally, the can see that the last time such pattern started a rally, it peaked on the 0.786 Fibonacci (Dec 01 2022) before pulling back to the 0.236 level.
Trading Plan:
1. Sell on the current market price.
Targets:
1. 4500 (MA50 1d).
Tips:
1. The MACD (1d) is also printing the same pattern as the December 2022 High.
Please like, follow and comment!!
Notes:
Past trading plan:
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