SPXSPX A potential bullish Cypher pattern was spotted. There are 3 major support areas: 2322, 2334, 2336. The most likely candidates are 2334 and 2336. A retest of 2322 is also possible if the panic continues from April 5th's trading session, which saw a 28-point decline just after 2pm due to the FOMC Minutes release. A strong throwback below 2322 is very bearish and in that case it's probably best to stay away until markets calm down and provide a sense of direction.As mentioned previously, I believe the 2334/2336 support areas are the likely candidates for a bullish rebound. A stop loss around 2330 may be a good area to jump out. Nice profit objectives would be the 0.236/0.382/0.50 Fib. ratios. I don't think the index will move past those profit levels unless there is some sort of amazing news release. Personally, I would take the 2346 level as the primary objective for the short-term.
However, if the stop loss is hit, then look out for the major 2322 support retest and consider a possible entry there with another stop loss around 2316. Use the same Fib. ratios as mentioned before for profit levels.
Nota
Another interpretation as a bullish Shark pattern converging in proximity of the Cypher.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.