US500 pulling back - SELL idea (read analysis!)
New opportunities can be found on major indicies on fresh sentiment change coming mainly from US-China tensions. Corona virus worst outcome got already 'priced in' and fear of second wave along with fresh concerns regarding trade wars is not helping sentiment as investors are leaving equities once again.
Index failed to break it's current support and there made lower high, thus breaking most recent low. Now what we are facing is recovery from fall, but seems not convincing enough.
PATTERNS: 3 falling star candles on 4h along with 20/100ema's resistance. Red 4h candle coming right afterwards.
1h timeframe also turning bearish after swing lows got ceased and we pulled back.
IDEA: 2880 would be ideal entry on new pullback with SL above recent highs, while 2780 breakdown would mean bears are fully taking over the price action. My r/r is based on current situation on market and can be used as well.
Index failed to break it's current support and there made lower high, thus breaking most recent low. Now what we are facing is recovery from fall, but seems not convincing enough.
PATTERNS: 3 falling star candles on 4h along with 20/100ema's resistance. Red 4h candle coming right afterwards.
1h timeframe also turning bearish after swing lows got ceased and we pulled back.
IDEA: 2880 would be ideal entry on new pullback with SL above recent highs, while 2780 breakdown would mean bears are fully taking over the price action. My r/r is based on current situation on market and can be used as well.
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