SP500 Forecast Follow Up And Update

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.

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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.

(Note: You can follow me here on Trading View and also on my blog to get similar ideas on a daily basis)

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If you have any further questions, don’t hesitate to drop a comment below!

To your success,

Vladimir Ribakov
Certified Financial Technician

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.