Never bet against America - But it is time for a correction!

21 giu

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

It is true that the legend Warren Buffett says: "Never bet against America"

But it is time for a correction in my opinion.

I find the daily chart for US500 to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST

1️⃣ => Non-Horizontal Resistance
US500 has been overall bullish from a long-term perspective, trading within the rising channel in orange and currently hovering around the upper bound / orange trendline acting as a non-horizontal resistance.

2️⃣ => Overbought
From a medium-term perspective, US500 has been trading inside the rising channel in red, and it is currently hovering around its upper bound / red trendline acting as an over-bought zone.

3️⃣ => Round Number
Moreover, the $5,500 is a massive round number.

Thus, as long as the $5,500 mark holds, I expect a bearish correction towards the lower bound of the red channel.

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich