Title
SPX500USD H4 | Falling to Fibonacci Confluence Support
Type
Bullish Bounce
Preference:
Price is falling towards the pivot point of 5,624.07 which is a pullback support that aligns with a confluence of Fibonacci levels i.e the 23.6% and 50.0% retracement levels and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 5,680.34 which is a pullback resistance level.
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 5,574.92 which is a pullback support that sits under the 38.2% Fibonacci retracement level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.