S&P500 Bottom of the Megaphone. Buy over the MA50 (4h).
S&P500 is trading inside a Falling Megaphone pattern, having completed 20 days under the MA50 (4h).
That is the buy break out signal, as it was on the previous bullish leg of the Megaphone.
The price hit the MA200 (1d) and bounced. Bullish signal so far.
Trading Plan:
1. Buy when the price closes over the MA50 (4h).
Targets:
1. 4400 (between the 0.786 Fibonacci level and the MA200 (4h)).
Tips:
1. The RSI (4h) is trading inside a Falling Wedge of its own. Take profit if its Falling Resistance gets hit before the 4400 target.
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Notes:
Past trading plan:
That is the buy break out signal, as it was on the previous bullish leg of the Megaphone.
The price hit the MA200 (1d) and bounced. Bullish signal so far.
Trading Plan:
1. Buy when the price closes over the MA50 (4h).
Targets:
1. 4400 (between the 0.786 Fibonacci level and the MA200 (4h)).
Tips:
1. The RSI (4h) is trading inside a Falling Wedge of its own. Take profit if its Falling Resistance gets hit before the 4400 target.
Please like, follow and comment!!
Notes:
Past trading plan:
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