The key is whether it can rise above 5878.7-6119.3

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I think this is the first time I've written an idea for the SPX500USD futures chart.

I'll give you an example of how to actually use it using the parallel channel that I introduced.

No matter how good an indicator or chart tool is added, if you don't know how to use it, chart analysis can be done in the wrong direction, so it is recommended that you familiarize yourself with the core interpretation method and how to use it before using it.

There are many examples of how to draw a trend line or how to draw a parallel channel, so you need to study how to draw it.

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(SPX500USD 1M chart)

It is rising near the upper black line of the parallel channel.

Therefore, it is likely to face resistance near the black line and fall.

Accordingly, we need to check for support near 1 (5878.7) drawn with the right trend period Fibonacci Extension (Trend-Based Fib Extension) tool.

If it falls, we need to check if it can rise along the middle point (black dotted line) of the parallel channel.

However, since the section pointed to by the finger is an important support and resistance section, if it receives support near this section, it is highly likely that the upward trend will continue.

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The left trend period Fibonacci Extension (Trend-Based Fib Extension) is drawn as the first rising wave on the 12M chart.

The trend-based Fibonacci extension on the right is drawn as the last rising wave on the 1M chart.

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The section drawn as a square box corresponds to an important section among the Fibonacci ratios drawn on the chart, and when viewed as a parallel channel, it passes near the upper black line, so you can see that it corresponds to an important section.

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(1D chart)

Since it is a futures chart, it is right to explain it on a time frame chart that can actually be traded, but since an idea can become useless as soon as time passes after publishing it, I will explain it based on the 1D chart.

I think the most important trend in futures trading is the trend of the 1D chart.

Therefore, when trading in the opposite direction of the trend of the 1D chart, you need to respond quickly and briefly.

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A parallel channel was also drawn on the 1D chart.

The first point is designated as the point that is supported and rises from the middle point of the parallel channel drawn on the 12M chart, and the point that the finger points to is designated to draw the parallel channel.

The HA-MS indicator was used to draw the support and resistance points.

However, as shown in the chart above, the HA-MS indicator may be distracting when viewing the chart, so I am explaining it by disabling it.

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The key is whether the price can be maintained by rising above 5741.6.

The 5741.6 point is the HA-High indicator point on the 1D chart, meaning that anything above this point is in the high range.

Since the StochRSI indicator is currently in the oversold range, it is more likely to lead to an additional decline.

Therefore, if the price falls, the key is whether it can be supported near the middle point of the parallel channel on the 1D chart, which is the section indicated by the circle.

That said, I don't think it's a good idea to enter a sell (SHORT) position right now.

The reason is that the StochRSI indicator is in the oversold section.

Therefore, if you want to trade with a sell (SHORT) position through scalping and day trading, you need to respond quickly and quickly.

Although the StochRSI indicator has entered the oversold section, the BW indicator is still rising.

Therefore, you should consider that there is a high possibility of a fake or sweep that pretends to fall.

Therefore, in order to make a big profit with a sell (SHORT) position, the BW indicator should be in a horizontal line at the highest point (100) and the StochRSI indicator should be falling in the overbought section.

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Have a nice time.
Thank you.

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