Spx500long
SPX approaching support, potential for a bounce!
SPX is expected to drop to 1st support at 3177.8 where it could potentially react off and up to 1st resistance at 3262.6.
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SPX Expanding Triangle. Pivot point (Weekly chart)In the weekly chart we observe another touch on the expanding triangle. This is a zoom in and cleaner TA from my previous analysis. I am trading the following scenarios:
1) Short. If this scenario is right, expect considerable retracement, following the direction of the red arrow. For me, it is the most likely scenario right now.
There is very clear bearish RSI divergence on the weekly chart, in an expanding structure.
2) Long. If the expanding triangle is broken to the upside, in the retest of the trendline is time to go long. Be ready, this could very well happen.
Thank you @RHTrading for the feedback.