SP500 approaching .382 FIB extension
It's a longer term view.
The momentum is strong and SP500 gains are killing the active SLs, which gives the index an extra boost (in essence, you close a short by opening a long, which artificially creates more demand)
We are approaching the first significant extension level, which may lead to a correction from profit-taking (Closing a long is selling, so like opening a short).
I'm not entering this trade until a correction pattern (a multiple rejection of a FIB resistance level) is clear.
If .382 level gets rejected:
* T1 @ ~2205 for 50% of position and SL to be moved to B/E
* T2 @ ~2005
The momentum is strong and SP500 gains are killing the active SLs, which gives the index an extra boost (in essence, you close a short by opening a long, which artificially creates more demand)
We are approaching the first significant extension level, which may lead to a correction from profit-taking (Closing a long is selling, so like opening a short).
I'm not entering this trade until a correction pattern (a multiple rejection of a FIB resistance level) is clear.
If .382 level gets rejected:
* T1 @ ~2205 for 50% of position and SL to be moved to B/E
* T2 @ ~2005
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.