Bearish Cypher and Shark Patterns Play Off SPX500 Order Blocks
The SPX500 is forming a bearish shark pattern with a potential reversal zone at 2800 which also coincides with with a previous order block on the 4 hour chart. After further analysis, it was observed that this shark pattern is within a larger cypher pattern with a completion below 3000 which lines up with another order block level. For this trade I believe that the SP500 with move up to complete the shark pattern, retrace down and then move further up to complete the larger cypher pattern near 3000. 3000 is a very strong resistance number and may see the market retrace down to 2650 for a first target and potentially even 2460 as a second target. I chose a neutral sentiment for this idea because I feel that this could be a great play on the way up, and on the way down.
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