US500 - Oversold at Triple Confluence… Bounce Incoming?US500 is approaching a major oversold zone, where three powerful elements intersect at the same point:
• The lower bound of the falling red channel
• The blue long-term trendline
• The orange structure zone acting as demand
⚔️This alignment creates a strong confluence area, a spot where buyers usually step in to absorb selling pressure and trigger corrective moves.
As long as the index holds above this zone, we can expect the possibility of a bullish correction toward the upper trendlines. But if this area fails, the structure would weaken and open the door for deeper downside.
Right now, all eyes are on this confluence… will the US500 bounce from the oversold zone, or break through it? 🤔
⚠️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.
📚 Stick to your trading plan regarding entries, risk, and management.
Good luck! 🍀
All Strategies Are Good; If Managed Properly!
~Richard Nasr.
