spx500 IDEA

BASED OF THE WEEKLY LAST SELL TO BUY CANDLE IN WHICH I HAVE USED 50% AS A KEY TARGET AREA.
3600 USED AS RESISTANCE LEVEL.
CONSIDERING LATEST LOCKDOWN NEWS, I PREDICT SPX WILL RESPECT THE 3600 KEY LEVEL AND SHORT DOWN.
APPROX 1 TO 12 RATIO.

WATCH ON SMALLER TIMEFRAME TO FIND EXHAUSTION CANDLES OR SIGNS OF REJECTION ONCE AT THE 3600 LEVEL.
MAY ALSO FAKE-OUT TO FORM A NEW HIGH BUT WILL FILL THE LAST SELL TO BUY LEVEL.

Comment:

ON THE SMALLER TIME FRAME IT IS SHOWING BEARISH SIGNS.
IF PRICE BREAKS THE 78.6 REIGION IT HAS PREVIOUSLY RESPECTED
@ 3530 THEN LOOK INTO A SELL.

IF NOT WAIT UNTIL PRICE HAS BROKEN AND RETESTED THE 3600 AREA.

IF PRICE RESPECTS THE THIRD TIME IT HAS ENTERED THE 78.6% LOOK TO GO LONG AS IT MAY BREAK THE 3600 AREA.