US500 - Two Possible Scenarios!

3. Okt. 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

US500 is overall bearish trading inside the brown falling broadening wedge, however, it is now sitting around a support zone 3550 - 3600 so we will be looking for short-term buy setups on lower timeframes.

If the 3550 - 3600 is broken downward, then the next support would become 3300 - 3400 in blue.

3300 - 3400 is the strongest support on this chart as it is the intersecting with the lower brown trendlines. (acting as non-horizontal support)

As per my trading style:
Since US500 is around the green support, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

and if the green zone is broken downward, I will be looking for buy setups around the blue zone.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich