26.18 Set-Up on SPX500
Double top formation with relatively deep correction, now testing the 0.618 retracement, with 20 SMA and horizontal resistance confluence. Also a bearish 50/20 SMA cross-over.
Note
Strength for the trade if that top channel holds (shown here on the 15-minute chart).
Note
A close below that support zone is the next sign of strength.
Note
Target hit and them some (a lot of some) :)
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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.