S&P500 - watch for short term downside
Good afternoon everyone,
Watch for short term sell setup (bearish flag) that could prove completed if the price breaks the small corrective structure (black trend line).
The target is a rather strong support level @3970, which could yield @2% profit.
Nonetheless, trade with care as this is a short term setup and, despite the negative news flow for risk assets recently, a sharp reaction to the key support level below is likely probable.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
Watch for short term sell setup (bearish flag) that could prove completed if the price breaks the small corrective structure (black trend line).
The target is a rather strong support level @3970, which could yield @2% profit.
Nonetheless, trade with care as this is a short term setup and, despite the negative news flow for risk assets recently, a sharp reaction to the key support level below is likely probable.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
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Wow, this one was quite quick. 2% profit booked. Thanks for the support!