Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
It is true that the legend Warren Buffett says: "Never bet against America"
But it is time for a correction in my opinion.
I find the daily chart for US500 to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
1️⃣ => Non-Horizontal Resistance
US500 has been overall bullish from a long-term perspective, trading within the rising channel in orange and currently hovering around the upper bound / orange trendline acting as a non-horizontal resistance.
2️⃣ => Overbought
From a medium-term perspective, US500 has been trading inside the rising channel in red, and it is currently hovering around its upper bound / red trendline acting as an over-bought zone.
3️⃣ => Round Number
Moreover, the $5,500 is a massive round number.
Thus, as long as the $5,500 mark holds, I expect a bearish correction towards the lower bound of the red channel.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
It is true that the legend Warren Buffett says: "Never bet against America"
But it is time for a correction in my opinion.
I find the daily chart for US500 to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
1️⃣ => Non-Horizontal Resistance
US500 has been overall bullish from a long-term perspective, trading within the rising channel in orange and currently hovering around the upper bound / orange trendline acting as a non-horizontal resistance.
2️⃣ => Overbought
From a medium-term perspective, US500 has been trading inside the rising channel in red, and it is currently hovering around its upper bound / red trendline acting as an over-bought zone.
3️⃣ => Round Number
Moreover, the $5,500 is a massive round number.
Thus, as long as the $5,500 mark holds, I expect a bearish correction towards the lower bound of the red channel.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trade Made Simple
RichTL.com
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Crypto.com Exchange
crypto.com/exch/theSignalyst
RichTL.com
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Crypto.com Exchange
crypto.com/exch/theSignalyst
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade Made Simple
RichTL.com
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Crypto.com Exchange
crypto.com/exch/theSignalyst
RichTL.com
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Crypto.com Exchange
crypto.com/exch/theSignalyst
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.