S&P500 Quick buy trade.
The S&P500 is approaching the 1D MA50 (red trend-line) to test it as a Resistance for the first time after the April 15 bearish break-out. It has already broken above the Bearish Megaphone, the 4H RSI has formed a Channel Up similar to the price action's and so far this sequence of events is fairly identical to the previous correction of August 2023.
That sequence almost touched the 0.786 Fibonacci retracement level before pulling back again, so we have ourselves a solid short-term bullish target. In fact we are placing ours a little lower at 5150, which represents a +4.70% rise from the bottom as that is not only the % rise that the August 2023 rebound returned but will also make contact with the 4H MA200 (orange trend-line).
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That sequence almost touched the 0.786 Fibonacci retracement level before pulling back again, so we have ourselves a solid short-term bullish target. In fact we are placing ours a little lower at 5150, which represents a +4.70% rise from the bottom as that is not only the % rise that the August 2023 rebound returned but will also make contact with the 4H MA200 (orange trend-line).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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