Title
SPX500USD H4 | Bearish reaction off 38.2% fibo?
Type
Bearish Reversal
Preference:
Price has previously bounced off a pullback support and is rising towards the pivot point at 4475.9, which is a pullback resistance level and at the 38.2% fibo retracement. If price closes below the pivot point, then price could fall to the 1st support at 4425.4, which is an overlap support level and it aligns with the 61.8% fibo retracement.
Alternative scenario:
If price breaks above the pivot point, then price could head towards the 1st resistance at 4504.8, which is a pullback resistance level and at the 61.8% fibo retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.