SP500 retracement opportunity? Good morning 22.06.2021!
Looks like an opportunity LONG for GBPUSD.
> What a long way on the upward yesterday with Standard & Poor's (S&P). The equity index started to rise yesterday at 6:00 (GMT+3) completing the "zikzak" pattern.
> The price level 4232 seems to be significant resistance.
> This could be a good SHORT opportunity, to capture the 30 dollar move retracement, since it limits the loss a lot, while Take Profit near the Fibo 61% of the move generates a higher profit amount. Of course, the Stop Loss should be near and above the 100% Fibo level.
> To limit the risk of loss, one could wait until the price falls below the 4225 support level before entering such trade.
> The 14 period RSI follows a downward trend suggesting a fall of SP500.
> What a long way on the upward yesterday with Standard & Poor's (S&P). The equity index started to rise yesterday at 6:00 (GMT+3) completing the "zikzak" pattern.
> The price level 4232 seems to be significant resistance.
> This could be a good SHORT opportunity, to capture the 30 dollar move retracement, since it limits the loss a lot, while Take Profit near the Fibo 61% of the move generates a higher profit amount. Of course, the Stop Loss should be near and above the 100% Fibo level.
> To limit the risk of loss, one could wait until the price falls below the 4225 support level before entering such trade.
> The 14 period RSI follows a downward trend suggesting a fall of SP500.