I have tried multiple times to short the S&P500 this quarter with little success. 4hr & 1hr trendlines that were broken then appeared to be fake outs and the index just kept on climbing. Resistance zones held and then failed and it has been quite messy.
That being said, the power of R:R ratio always comes through and the higher it climbs... the more it has to fall.
This time we have the long term fibonacci 0.786 retracement zone and 2800/2810 resistance zone holding strong. There appears to be a change in direction bias on the 4hr and todays little pullback is providing a nice entry for a long term short position.
Target Profits:
$2600 first... the famous support/resistance zone
0.27 fib extension & support at $2100 after that.
That being said, the power of R:R ratio always comes through and the higher it climbs... the more it has to fall.
This time we have the long term fibonacci 0.786 retracement zone and 2800/2810 resistance zone holding strong. There appears to be a change in direction bias on the 4hr and todays little pullback is providing a nice entry for a long term short position.
Target Profits:
$2600 first... the famous support/resistance zone
0.27 fib extension & support at $2100 after that.
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Bearish daily momentum now appearing. We should see a very favourable bearish weekly candle close tomorrow :)