SPX500 Possible bullish scenario off of 3,230 level
A quick post just to point out that we are at key support that bulls need to hold to stop/stall the carnage.
Market is forming a possible double-bottom pattern at 3,230 which is a known inflection point a few times before in the past. This level is also around the 50% retracement of the JUNE swing low and the SEPT swing high.
Today's bear candle is pretty impressive so I have doubts about any double-bottom reversal forming here but you never know. Most double-bottom attempts fail in a strong bear trend so the question is: Are we now in a bear trend?
We will learn more in the next sessions.
Market is forming a possible double-bottom pattern at 3,230 which is a known inflection point a few times before in the past. This level is also around the 50% retracement of the JUNE swing low and the SEPT swing high.
Today's bear candle is pretty impressive so I have doubts about any double-bottom reversal forming here but you never know. Most double-bottom attempts fail in a strong bear trend so the question is: Are we now in a bear trend?
We will learn more in the next sessions.
Comment:
Market printing a lower low with conviction and breaking below 3,230.