This chart shows a bullish buy setup on the S&P 500 Index (SPX500USD) with various technical analysis tools applied to confirm a potential trend reversal and upward move.
Key Tools Used in the Analysis:
Trendlines (Yellow Lines)
The chart includes a long-term ascending trendline acting as a dynamic support.
Price recently bounced off this trendline, suggesting a strong demand zone where buyers are stepping in.
Fibonacci Retracement Levels
The 38.2% Fibonacci retracement level (5,372.6) is marked as a critical support zone.
The price has tested and bounced from this level, reinforcing a bullish reversal probability.
Support Zone (Green Box)
A strong demand area has been highlighted in green, indicating a historical support region where buyers have previously entered.
Breakout Potential (Blue Dashed Line)
The previous high (6,152.5) is identified as a resistance level.
The setup suggests an expected breakout if the price clears this resistance.
Projected Price Targets (Blue Arrows)
First target: 6,284 (+11.39%) - Short-term profit target.
Second target: 6,699 (+20.81%) - Long-term breakout target.
Drawdown Indicator (Red Area Below)
A drawdown indicator at the bottom suggests that the index has experienced a pullback, aligning with the support zone confluence.
Trade Execution Strategy:
Entry: At the current level (5,623.6) after the bullish bounce from the support zone.
Stop Loss: Below the 5,372.6 Fibonacci level to manage risk.
Take Profit Targets:
TP1: 6,284 (Short-term move)
TP2: 6,699 (Longer-term bullish continuation)
Conclusion:
This bullish reversal setup is based on trendline support, Fibonacci retracement, and historical demand zones. The risk-to-reward ratio is favorable, with the potential for a breakout rally if resistance levels are cleared.
Key Tools Used in the Analysis:
Trendlines (Yellow Lines)
The chart includes a long-term ascending trendline acting as a dynamic support.
Price recently bounced off this trendline, suggesting a strong demand zone where buyers are stepping in.
Fibonacci Retracement Levels
The 38.2% Fibonacci retracement level (5,372.6) is marked as a critical support zone.
The price has tested and bounced from this level, reinforcing a bullish reversal probability.
Support Zone (Green Box)
A strong demand area has been highlighted in green, indicating a historical support region where buyers have previously entered.
Breakout Potential (Blue Dashed Line)
The previous high (6,152.5) is identified as a resistance level.
The setup suggests an expected breakout if the price clears this resistance.
Projected Price Targets (Blue Arrows)
First target: 6,284 (+11.39%) - Short-term profit target.
Second target: 6,699 (+20.81%) - Long-term breakout target.
Drawdown Indicator (Red Area Below)
A drawdown indicator at the bottom suggests that the index has experienced a pullback, aligning with the support zone confluence.
Trade Execution Strategy:
Entry: At the current level (5,623.6) after the bullish bounce from the support zone.
Stop Loss: Below the 5,372.6 Fibonacci level to manage risk.
Take Profit Targets:
TP1: 6,284 (Short-term move)
TP2: 6,699 (Longer-term bullish continuation)
Conclusion:
This bullish reversal setup is based on trendline support, Fibonacci retracement, and historical demand zones. The risk-to-reward ratio is favorable, with the potential for a breakout rally if resistance levels are cleared.
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For Training visit.
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.