BlueHatInvestor

US500 ~ 4H Intraday (Bearish Capitulation)

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CAPITALCOM:US500   US 500
US500 intraday chart analysis:

4H chart = bearish H&S pattern development + neckline test validation.

Fib retracements:
  • Straight line/left labels = March 2020 (Covid) low - Jan 2022 high
  • Dotted line/right labels = Jan 2022 high - Oct 2022 low

1st target (yellow dashed):
  • ~4100 lower parallel channel & May/June lower-range chop confluence
  • Temporary oversold/bounce target? TBC..

2nd target (white dotted):
  • ~4000 psych level, H&S extrapolation, 38.2% Fib retrace & declining trend-line (Aug 2022 + Feb 2023 peaks/pivot points)

Bullish reversal target:
  • ~4200 (23.6% Fib retrace)
Komen:
Update 27/10:

Interesting price action - buyers stepping in around ~4130 trying to hold 50% Fib retrace.

Temporary support coincides w/ descending trend-line (pivot points @ 18/08 & 04/10 lows).

Prelim trading range:
High ~4184 (break above = bullish reversal / test ~4200 23.6% Fib)
Low ~4127 (break below = bearish continuation / tap ~4100 1st target confluence)

Penafian

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