SPX Long Trade Setup Analysis (3H Timeframe - Vantage)

๐น Current Setup:
- ๐ฆ The Bullish Shark Pattern has completed at D (5912.17), indicating a potential reversal zone.
- ๐ Price is currently bouncing off the 1.001 Fibonacci extension level.
- ๐ Key Resistance Levels (Take Profit Targets):
- ๐ฏ TP1: Fibonacci 27.2% extension (~6201.66)
- ๐ฏ TP2: Fibonacci 61.8% extension (~6286.52)
- ๐ Key Support Levels:
- โ Critical Stop Zone: 5889.73 (inside the previously broken channel)
- ๐ป Deeper Bearish Target: 5782.41 (161.8% Fibonacci extension)
๐ Bullish Scenario (Long Setup)
- ๐ข Entry: Above 5945 (current market price)
- ๐ฏ Take Profit 1: 6201 (27.2% Fibonacci extension)
- ๐ฏ Take Profit 2: 6286 (61.8% Fibonacci extension)
- ๐ด Stop Loss: Below 5890 (to avoid whipsaws)
โ Justification:
- ๐น Price has bounced from a strong Fibonacci support level
- ๐น Harmonic pattern suggests a potential bullish reversal
- ๐น TP targets align with Fibonacci extension levels and previous structure resistance
๐ Bearish Scenario (Short Setup)
- โ Invalidation Level: Below 5880
- ๐ป Downside Targets:
- 5820: First support area
- 5782: 161.8% Fibonacci extension
โ Justification:
- โ If the price breaks below 5890, the harmonic pattern fails, signaling more downside
- โ 5782 aligns with channel equilibrium, meaning a further drop could happen
โก Key Takeaways
- ๐น Bullish bias above 5912, bearish below 5890
- ๐น A break above 6000 will confirm the uptrend
- ๐น A break below 5880 could lead to 5782 or lower
- ๐ฆ The Bullish Shark Pattern has completed at D (5912.17), indicating a potential reversal zone.
- ๐ Price is currently bouncing off the 1.001 Fibonacci extension level.
- ๐ Key Resistance Levels (Take Profit Targets):
- ๐ฏ TP1: Fibonacci 27.2% extension (~6201.66)
- ๐ฏ TP2: Fibonacci 61.8% extension (~6286.52)
- ๐ Key Support Levels:
- โ Critical Stop Zone: 5889.73 (inside the previously broken channel)
- ๐ป Deeper Bearish Target: 5782.41 (161.8% Fibonacci extension)
๐ Bullish Scenario (Long Setup)
- ๐ข Entry: Above 5945 (current market price)
- ๐ฏ Take Profit 1: 6201 (27.2% Fibonacci extension)
- ๐ฏ Take Profit 2: 6286 (61.8% Fibonacci extension)
- ๐ด Stop Loss: Below 5890 (to avoid whipsaws)
โ Justification:
- ๐น Price has bounced from a strong Fibonacci support level
- ๐น Harmonic pattern suggests a potential bullish reversal
- ๐น TP targets align with Fibonacci extension levels and previous structure resistance
๐ Bearish Scenario (Short Setup)
- โ Invalidation Level: Below 5880
- ๐ป Downside Targets:
- 5820: First support area
- 5782: 161.8% Fibonacci extension
โ Justification:
- โ If the price breaks below 5890, the harmonic pattern fails, signaling more downside
- โ 5782 aligns with channel equilibrium, meaning a further drop could happen
โก Key Takeaways
- ๐น Bullish bias above 5912, bearish below 5890
- ๐น A break above 6000 will confirm the uptrend
- ๐น A break below 5880 could lead to 5782 or lower
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