US500 evening update
Bearish count for US500.
Pitchfork drawn from March 2020 low, January 2022 high, October 2022 low.
October 2022 low saw price bounce off .5 fib drawn from January 2022 high to March 2020 low.
Price has been targeting the median line (red line) of the pitchfork since October 2022, but it has never tagged it.
Price teased above the 0.5 line twice (in teal), once in July 2024 and once in October 2024 (green ellipses).
Price attempted to get above .5 line again today and was promptly rejected.
Price has formed an impulse off 5 August low, with 1>3>5.
I would say this is a short opportunity; if price is to stay below resistance of 5884.7 and below .5 line of pitchfork. If median line cannot be tagged, then price will find its way (quickly) back to October 2022 low.
Key support is 5088.9.
Pitchfork drawn from March 2020 low, January 2022 high, October 2022 low.
October 2022 low saw price bounce off .5 fib drawn from January 2022 high to March 2020 low.
Price has been targeting the median line (red line) of the pitchfork since October 2022, but it has never tagged it.
Price teased above the 0.5 line twice (in teal), once in July 2024 and once in October 2024 (green ellipses).
Price attempted to get above .5 line again today and was promptly rejected.
Price has formed an impulse off 5 August low, with 1>3>5.
I would say this is a short opportunity; if price is to stay below resistance of 5884.7 and below .5 line of pitchfork. If median line cannot be tagged, then price will find its way (quickly) back to October 2022 low.
Key support is 5088.9.
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