US500 series of rising and sudden drop happening
US500
As the economic activity hasn't picked up as expected in second quarter of this year. In some part of the US the economic slow down is further accelerating and many of the skilled and non skilled workers are unable to return to the duty. This has reflected in company growth and overall economic growth is still intact as earlier forecasted by OECD.
After reaching the September high around 3600.00 (which is a key psychological level) the trend has reversed towards south as the pause in vaccine development and the surging of daily virus cases
We can see a series of rising and sudden drop in the prices with the bear flag formations. And trading in a downward channel. I am expecting that the price will continue to run lower towards 3000.00 level. From this level we can expect shift in the momentum towards bullish
The price is currently trading below the 50% Fibonacci and the next downside target would be 61.8% Fibonacci level comes around 3188.00
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As the economic activity hasn't picked up as expected in second quarter of this year. In some part of the US the economic slow down is further accelerating and many of the skilled and non skilled workers are unable to return to the duty. This has reflected in company growth and overall economic growth is still intact as earlier forecasted by OECD.
After reaching the September high around 3600.00 (which is a key psychological level) the trend has reversed towards south as the pause in vaccine development and the surging of daily virus cases
We can see a series of rising and sudden drop in the prices with the bear flag formations. And trading in a downward channel. I am expecting that the price will continue to run lower towards 3000.00 level. From this level we can expect shift in the momentum towards bullish
The price is currently trading below the 50% Fibonacci and the next downside target would be 61.8% Fibonacci level comes around 3188.00
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Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
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