Good day guys this is my technical analysis on SPX500 on a 4hr chart. After an impulsive bullish push, we can expect a pull back either to push up further of a complete reversal, my analysis has provided me wit 3 possible retracement levels namely the 38.2%( 3401.86), the 50% (3393.32) and the 61.8%(3385.43) of the fibonacci tool. My thought is that we could retrace to the 38.2% or 50% due to the fact that the previous ATH is around those levels and price could be retesting that level. the projected is between the the levels of 3434.41 and 3438.10, which is the 127.2% target of the possible retracement. finally i took a ghost candle pattern of previous price and it fulfilled all of my levels as more of a confluence,
I will continue to monitor price in these levels and took for a buy entry, only if the opportunity presents itself, at the retracement levels of 38.3% and 50%. tageting first the previous high and the the 127.2% targets.
I will continue to monitor price in these levels and took for a buy entry, only if the opportunity presents itself, at the retracement levels of 38.3% and 50%. tageting first the previous high and the the 127.2% targets.