Hi traders:
Here is a good example of a wedge break out and a pullback to form a lower high for an entry short. When we take a look at spx500, the daily chart has been over extended to the upside for a while now. Right now we are seeing a potential daily pullback in the making. When we drop down to the 4 hr chart, we see a nice price action pattern developped, and the bearish momentum is coming in.
We can short the SPX500 down to the intraday fib levels of 61.80%, 2400.00 for a descent risk/reward trade.
Thank you for your support and feedback.
JoJo
Here is a good example of a wedge break out and a pullback to form a lower high for an entry short. When we take a look at spx500, the daily chart has been over extended to the upside for a while now. Right now we are seeing a potential daily pullback in the making. When we drop down to the 4 hr chart, we see a nice price action pattern developped, and the bearish momentum is coming in.
We can short the SPX500 down to the intraday fib levels of 61.80%, 2400.00 for a descent risk/reward trade.
Thank you for your support and feedback.
JoJo
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