US500 first - grow, next - FALL
As we remember, since the fall of 2020, the price has been in an upward channel. Apart from the severe collapse in October - after which the index returned to the channel - the price movement is quite smooth. It is corrected by two main lines.
The resistance line is the youngest, it was formed in November last year, stopping the price growth that it showed after the collapse. The support line is the oldest, it has existed on the chart since September.
Last week the price made a false breakout of the support line 3732.1, after which it rallied to resistance. The price touched the resistance line at 3833.8 and dropped. However, instead of returning to the support line, the price continues to move close to the resistance line.
I suppose that such a movement precedes the correction and I expect the price to touch the 3862.2 resistance line again in the near future. And only after that will it fall. Thus, I expect the final target - the support line 3796.4.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
The resistance line is the youngest, it was formed in November last year, stopping the price growth that it showed after the collapse. The support line is the oldest, it has existed on the chart since September.
Last week the price made a false breakout of the support line 3732.1, after which it rallied to resistance. The price touched the resistance line at 3833.8 and dropped. However, instead of returning to the support line, the price continues to move close to the resistance line.
I suppose that such a movement precedes the correction and I expect the price to touch the 3862.2 resistance line again in the near future. And only after that will it fall. Thus, I expect the final target - the support line 3796.4.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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