Hi Traders! SP500 forecast follow up and update is here. On April 30th I shared this “SP500 Forecast” in Trading View. In this post, lets do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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Now, let’s summarize the idea first:
My idea was as follows:
D1 – We have a bearish hidden divergence followed by a potential continuing divergence.
H4 – Bollinger Bands 20 candles ride, bearish divergence.
We have a key resistance zone that has formed by the fibonacci expansion levels of the cycles we have.
Until this key resistance zone shown in the chart holds, we may expect short term retraces.
SP500 H4(4 Hours) Chart Current Scenario
On the H4 chart the price moved exactly as per my plan, it respected the key resistance zone as expected and it moved lower.
Based on the current scenario we have the first leg down and it looks like a correction is happening. The price still has room lower towards the 38.2% (2661.25) – 50% (2567.50) fibonacci retracement zones of the bullish trend pattern. So my short term view still remains bearish here.
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To your success,
Vladimir Ribakov
Certified Financial Technician
