Analysis/bias:
Price is in a consolidation phase (descending triangle) and my bias is for the price to reverse at support/resistance.
Price had a strong down towards support and usually this kind of move is followed by a reversal instead.
Trade:
Enter after a strong bull candle appears with SL at the bottom of the low and TP at the resistance.
Price in a consolidation phase and got reject at resistance. Enter half position now and wait for better pricing if there's an opportunity.
SL above the previous high.
Price was at the consolidation phase and broke the support.
It is now in potential retracement and got rejected at the resistance (prev support)
SL at above the high of the rejected.
If the analysis is correct the price should be in a declining phase and TP is at the next potential low.
Quick up movement to resistance is usually followed by quick down movement (rubber band man). Moreover, with bad fundamentals in many companies, the index is more likely to drop.
SL will depend on the price action near $2950 area in case the price continue to go up.
