Hello everyone. Have a nice weekend. Lets look at SP500 1D chart. 1. We are in trading range at the moment. 2. Last bulls rally is nice as it has broken 3 important resistance level with only one leg up. So this might be change in behaviour in TR (from non-trending (rotation) to uptrending). 3. Locally we see that first leg up has ended with UT/MINOR SOS. Now its bears turn. Where we could stop? Probably at 0.382-0.5 fibo level from previous bulls upswing + we will test main break out bar and take liquidity ( a lot of stop-losses below 4417 level)
What do you think about current structure? Write your opinion down in comment section below.