S&P 500 made fake break out and could fall to support zone

6 thg 4, 2023

Hello fellas and community! I want to talk to you about s&p 500 futures (code: es1!).

I made a few conclusions about it.

Recently spx has tested resistance level (fib 0.5, $4155) and failed.

At the moment price trades inside of wedge.

Recently price bounced from resistance level to the bottom of wedge.

Then spx bounced up and made fake breakout of resistance level.

I expect that spx can fall to support zone and bounce up quickly.

So I set up my first target at $3550 level.

The second target located at fib 1.27 level of $3310.

I expect such a scenario.

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This is my opinion, I really hope it will be useful for you. Always DYOR.

And please don't forget to support this idea with your like and comment, It means a lot to me, thank you ;)

Happy trading!