#S&P500 Bounce from local supports
The SP500 broke through and tested the black signal line from below, forming the first reversal signal and on the weekly timeframe it moves towards its support, the upper border of the green channel. Rebound from there, you need to buy, breakdown with retest - continue to sell.
On the daily timeframe, the top of the white channel was punched and tested from the bottom and the red signal line is two more signals to continue to decline. Local daily support - Bottom of the green channel, from where a rebound is likely with the goal of retesting the punched supports.
Local support and resistance levels are plotted on the hourly timeframe. Here we tested the bottom of the first wave of decline, confirming its development. The zero yellow channel of a new wave of descent would also be broken and tested from below. The main movement is in the green channel, so it is likely that the support will puncture on the daily TF to its lower limit. Rebound from the buy level, the breakdown with the retest will indicate the beginning of the 3rd decline wave, in which we ended the first wave as an initial diagonal triangle, and then the decline development will be very rapid and the support on the weekly timeframe will be reached very quickly.
On the daily timeframe, the top of the white channel was punched and tested from the bottom and the red signal line is two more signals to continue to decline. Local daily support - Bottom of the green channel, from where a rebound is likely with the goal of retesting the punched supports.
Local support and resistance levels are plotted on the hourly timeframe. Here we tested the bottom of the first wave of decline, confirming its development. The zero yellow channel of a new wave of descent would also be broken and tested from below. The main movement is in the green channel, so it is likely that the support will puncture on the daily TF to its lower limit. Rebound from the buy level, the breakdown with the retest will indicate the beginning of the 3rd decline wave, in which we ended the first wave as an initial diagonal triangle, and then the decline development will be very rapid and the support on the weekly timeframe will be reached very quickly.
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