Hello everyone. Have a nice weekend. Lets look at SP500 1D chart.
1. We are in trading range at the moment.
2. Last bulls rally is nice as it has broken 3 important resistance level with only one leg up. So this might be change in behaviour in TR (from non-trending (rotation) to uptrending).
3. Locally we see that first leg up has ended with UT/MINOR SOS. Now its bears turn. Where we could stop? Probably at 0.382-0.5 fibo level from previous bulls upswing + we will test main break out bar and take liquidity ( a lot of stop-losses below 4417 level)
What do you think about current structure? Write your opinion down in comment section below.
1. We are in trading range at the moment.
2. Last bulls rally is nice as it has broken 3 important resistance level with only one leg up. So this might be change in behaviour in TR (from non-trending (rotation) to uptrending).
3. Locally we see that first leg up has ended with UT/MINOR SOS. Now its bears turn. Where we could stop? Probably at 0.382-0.5 fibo level from previous bulls upswing + we will test main break out bar and take liquidity ( a lot of stop-losses below 4417 level)
What do you think about current structure? Write your opinion down in comment section below.