Hey traders! 🐻📉 Are you ready for a retracement on the S&P in the 1-hour timeframe? Let's dive into this bearish setup! 📉📉
📈 Bearish Gartley: The price action on the S&P has formed a bearish Gartley pattern, with the price topping twice on point D. This reliable harmonic pattern signals trend reversal with a highly reliable consistency.
🕯️ Bearish Engulfing: Adding to the bearish case, the price has now formed a bearish engulfing candlestick, indicating a possible shift in momentum from bullish to bearish.
📉 Retracement Potential: Considering these technical factors, I'm closely watching for a sharp retracement to the 4500 area. and even lower if the bearish momentum remain. The market sentiment seems to be aligning with a bearish outlook.
💡 Moving Average Crossover: To further strengthen the bearish setup, the imminent crossover of the 9 and 21 moving averages is providing a solid confirmation of the potential retracement.
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful🚀
📈 Bearish Gartley: The price action on the S&P has formed a bearish Gartley pattern, with the price topping twice on point D. This reliable harmonic pattern signals trend reversal with a highly reliable consistency.
🕯️ Bearish Engulfing: Adding to the bearish case, the price has now formed a bearish engulfing candlestick, indicating a possible shift in momentum from bullish to bearish.
📉 Retracement Potential: Considering these technical factors, I'm closely watching for a sharp retracement to the 4500 area. and even lower if the bearish momentum remain. The market sentiment seems to be aligning with a bearish outlook.
💡 Moving Average Crossover: To further strengthen the bearish setup, the imminent crossover of the 9 and 21 moving averages is providing a solid confirmation of the potential retracement.
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful🚀
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