S&P 500: Reached forecasted area!
It finally sold off to original forecasted area at around 5900!
And went further down a little more...
Which means we should see more weakness next week.
Also, on the 1H chart, there was a H&S pattern that played out nicely!
But since price has already reached some kind of support, it should take a breather.
So if you want to take short term LONG trades, then look for chart reversal patterns at the 5min (inverted H&S, double/ triple botton, etc..)
Watch out for the down trendline. If it holds, then it should go down further. We can assess again next week on the levels.
And went further down a little more...
Which means we should see more weakness next week.
Also, on the 1H chart, there was a H&S pattern that played out nicely!
But since price has already reached some kind of support, it should take a breather.
So if you want to take short term LONG trades, then look for chart reversal patterns at the 5min (inverted H&S, double/ triple botton, etc..)
Watch out for the down trendline. If it holds, then it should go down further. We can assess again next week on the levels.
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