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domsito

Multi week support trend line finally broken

S&P 500 E-mini Futures (CME_MINI:ES1!)  
domsito  
CME_MINI:ES1!   S&P 500 E-mini Futures
Supply and Demand Fibonacci Trend Lines
6
1
supplyanddemand fibonacci trendline
Ok, the blue trendline that's been holding since March 13th is finally broken. We see it broke after smaller rising wedge has been formed. I expect the price to retreat all the way back to 3990, which is 38.2% fib retracement level from the move that started on March 13th, when the trend line started, but still above the 200MA.

Stop loss: 4208
Take profit: 3990
Risk reward ratio: 1:3
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