S&5-500

24 kwi 2020

After the first impulse from the local bottom, we'd corrected to the 38.2% Fibonacci then we bounced up. Now we are moving into the local downward channel that's a correction channel. We have already reached the level of 38.2% and started to grow. There is a possibility that we can still fall to 50% near the lower support line and after that, we’ll break the resistance of this channel and go to the next resistance lines.

In general, I expect US market recovery for the next 2 quarters, so I don’t think that in the near future we will go straight to update the bottom. Key support and resistance levels you can see on the attached chart.

Best regards EXCAVO

30 kwi 2020

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