TheSignalyst

US500 - Wider and Wilder!

CURRENCYCOM:US500   S&P 500
Hello Trading Family, I found US500 chart interesting.

We can see that US500 is currently trading inside these two brown trendlines forming a rising broadening wedge .

Here are the two strong zones where I will be looking for high probability setups:
I call them War Zones, (highlighted in Orange circles)

Zone 1: Lower Orange Circle

This highlighted orange circle is a strong area to look for buy setups as it is the intersection of a demand zone and the lower brown trendline acting as non-horizontal support. (trend-following setup)

Zone 2: Upper Orange Circle

This highlighted orange circle is a strong area to look for sell setups as it is the intersection of the round number 4k and the upper brown trendline acting as an over-bought / over-extended area.

As per my trading style/plan:
I will be waiting for US500 to approach one of the orange circles to look for reversal setups on lower timeframes (like a double bottom /top, trendline break , and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good Luck

All Strategies Are Good; If Managed Properly!
~Rich

This analysis is done using RichTL indicator
https://www.RichTL.com

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