S&P downtrend more confirmative
Updated
Bearish trend continues for S&P500 , it tested 61.8% FIB level twice and rejected (Created double top on daily timeframe) , current structure made the declining 50MA line and also its approaching the FIB level , more interesting would be to see how level of 4300 reacts
I would take a short position here with SL at Fib 50% level . I am anticipating target of 4000 before the trend changes
I would take a short position here with SL at Fib 50% level . I am anticipating target of 4000 before the trend changes
Note
holding up on the trend line very well. last few days no sign of strong demand seen here , previous demand zone of 4260-4350 is about to get tested , one can initiate position of trend continues
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