Hi traders:
Here is a good example of a wedge break out and a pullback to form a lower high for an entry short. When we take a look at spx500, the daily chart has been over extended to the upside for a while now. Right now we are seeing a potential daily pullback in the making. When we drop down to the 4 hr chart, we see a nice price action pattern developped, and the bearish momentum is coming in.
We can short the SPX500 down to the intraday fib levels of 61.80%, 2400.00 for a descent risk/reward trade.
Thank you for your support and feedback.
JoJo
Here is a good example of a wedge break out and a pullback to form a lower high for an entry short. When we take a look at spx500, the daily chart has been over extended to the upside for a while now. Right now we are seeing a potential daily pullback in the making. When we drop down to the 4 hr chart, we see a nice price action pattern developped, and the bearish momentum is coming in.
We can short the SPX500 down to the intraday fib levels of 61.80%, 2400.00 for a descent risk/reward trade.
Thank you for your support and feedback.
JoJo
Note
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Related publications
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.