SP500 Correction Alert: Supply&Demand, Ichimoku & Trend Analysis
Updated
Hello friends,
SP500 is going to experience a rough patch in 1H timeframe.
as shown in the chart, two long term and short term upward trend lines are broken.
also from an Ichimoku point of view, conversion and baseline have crossed downward with a red Kumo cloud switch and the price is below the kumo cloud. this is one the most powerful Ichimoku signals.
so its probably very wise to close all speculative long positions if you have any, meanwhile I suggest opening a short position with stop loss at: 4020, and take profit at 3730 which is the next demand zone and is marked by an order block. this short position has the risk to reward ratio of 2.6.
Please manage your risk responsibly and make informed decisions.
Good luck!
SP500 is going to experience a rough patch in 1H timeframe.
as shown in the chart, two long term and short term upward trend lines are broken.
also from an Ichimoku point of view, conversion and baseline have crossed downward with a red Kumo cloud switch and the price is below the kumo cloud. this is one the most powerful Ichimoku signals.
so its probably very wise to close all speculative long positions if you have any, meanwhile I suggest opening a short position with stop loss at: 4020, and take profit at 3730 which is the next demand zone and is marked by an order block. this short position has the risk to reward ratio of 2.6.
Please manage your risk responsibly and make informed decisions.
Good luck!
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There are 3 major confirmation for the beginning of a correction for this short position in SPX:1- two upward trendlines are broken.
2- Ichimoku : conversion and base line crossed down. Kumo cloud switched red. price, conversion and base line are all below the cloud.
3- price broke below the latest higher-low which can mark the start of a downtrend.
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