My expectation and target for the S&P (US500) is a bearish run to the 4099.0 price level which I got by Fibonacci extension by anchoring my Fibonacci to Thursday 12th October’s High Wednesday 4th October’s Low, I got this level by adding a -0.5 to my Fibonacci.
The 3 horizontal lines just above the current level of price are the significant levels of an old Daily inefficiency (Imbalance), because since we’re bearish and we’ve traded below it I expect it to act as resistance when price trades back to it and it’s referred to as an inverse imbalance or inverse Fair Value Gap.
My point of interest of 4099.0 is also significant because it has Daily equal lows which is liquidity and is usually a draw on price. Also my target is at deep discount which is around the 0.705 OTE (Optimal Trade Entry) level of the Fibonacci retracement which is the most sensitive support point of the Fibonacci in ICT's concepts and it also has equal lows for draw on liquidity.
I’ll be looking for opportunities to go short during the New York session today and tomorrow Friday October 27th.
US500
The 3 horizontal lines just above the current level of price are the significant levels of an old Daily inefficiency (Imbalance), because since we’re bearish and we’ve traded below it I expect it to act as resistance when price trades back to it and it’s referred to as an inverse imbalance or inverse Fair Value Gap.
My point of interest of 4099.0 is also significant because it has Daily equal lows which is liquidity and is usually a draw on price. Also my target is at deep discount which is around the 0.705 OTE (Optimal Trade Entry) level of the Fibonacci retracement which is the most sensitive support point of the Fibonacci in ICT's concepts and it also has equal lows for draw on liquidity.
I’ll be looking for opportunities to go short during the New York session today and tomorrow Friday October 27th.
US500
Comment:
The market achieved the 4099.0 Price level target today Friday October 27th at 15:40 EST. So the low of the week is 4098.7, this one was a pinpoint accuracy.