4340 level given yesterday (tradingview.com/chart/SPX500USD/1ei1VtM9-19102023-SPX/) marked the exact high and market sold off over 70 points from it. But that was not before some big whipsaw in between.
Price hit the strong 4262 level with Fib and is overextended but price action is bearish. Can market give a pullback today?
It might be prudent to wait for the pullback to go short rather than trade the pullback. 4306/4320 will be 2 good levels to watch for rejection for the pullback down. If I were to go long, it would be if price test 4262 or if it sell off further to 4246 and form a reversal candle to go long, targeting 4306.
Price hit the strong 4262 level with Fib and is overextended but price action is bearish. Can market give a pullback today?
It might be prudent to wait for the pullback to go short rather than trade the pullback. 4306/4320 will be 2 good levels to watch for rejection for the pullback down. If I were to go long, it would be if price test 4262 or if it sell off further to 4246 and form a reversal candle to go long, targeting 4306.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.