The S&P500 index / US500 broke and closed over the 1day MA50 on Friday, for the first time in almost 2 months.
Even though it is a major long term bullish development, we see a short term sell opportunity as the 1day RSI is reversing, signalling a loss of strength on the 5 day rally.
The long term pattern remains a Bearish Megaphone, so such minor technical correction is justified.
Sell and target 4270 (Fibonacci 0.382, a level always reached inside the Megaphone's corrections).
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Even though it is a major long term bullish development, we see a short term sell opportunity as the 1day RSI is reversing, signalling a loss of strength on the 5 day rally.
The long term pattern remains a Bearish Megaphone, so such minor technical correction is justified.
Sell and target 4270 (Fibonacci 0.382, a level always reached inside the Megaphone's corrections).
Follow us, like the idea and leave a comment below!!
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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.
TheCryptagon offers news & insights on global markets (crypto, forex, stocks, commodities). Follow so you don't miss anything!
🤑Message us for private forex & crypto signals in our VIP channel (70% accuracy)!💰
TELEGRAM: t.me/thecryptagon
🤑Message us for private forex & crypto signals in our VIP channel (70% accuracy)!💰
TELEGRAM: t.me/thecryptagon
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.