$SPX Inverse Head and Shoulders
S&P500 15m TF
Major Reversal Pattern confirmed with the textbook Inverse Head & Shoulders pattern printed on the 15m TF overnight in the US.
Initially gapping down price almost hit the Fib Retracement 0.236 before the buying started which now has me thinking that inflation worries are now being priced into the market.
Where to from here?
A rally IMO would consist of a short-term consolidation (Sideways Movement) until Fed Meetings have agreed on an outcome regarding rates before a rally towards the Former Daily Support Zone which I now consider a Daily EQ (Equilibrium).
A failure to break this level would likely see a retracement back towards the Fib Retracement 0.236 and a continuation towards Support.
RSI on the Daily TF is indicating oversold and a momentum shift from here would most likely print Bearish weakness on MACD, which in turn may give us confluence of indication of a short/long-term Bullish rally.
Alot is still unknown yet and I implore correct Risk Management and Position sizing in a time of unknown and volatility.
Major Reversal Pattern confirmed with the textbook Inverse Head & Shoulders pattern printed on the 15m TF overnight in the US.
Initially gapping down price almost hit the Fib Retracement 0.236 before the buying started which now has me thinking that inflation worries are now being priced into the market.
Where to from here?
A rally IMO would consist of a short-term consolidation (Sideways Movement) until Fed Meetings have agreed on an outcome regarding rates before a rally towards the Former Daily Support Zone which I now consider a Daily EQ (Equilibrium).
A failure to break this level would likely see a retracement back towards the Fib Retracement 0.236 and a continuation towards Support.
RSI on the Daily TF is indicating oversold and a momentum shift from here would most likely print Bearish weakness on MACD, which in turn may give us confluence of indication of a short/long-term Bullish rally.
Alot is still unknown yet and I implore correct Risk Management and Position sizing in a time of unknown and volatility.
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