SPX Potential for bearish momentum
On the H4, with prices breaking out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that the price will drop to the sell entry at 3943.66 where the pullback support is. Once there is downside confirmation that price has broken entry structure, we would expect bearish momentum to carry price to take profit at 3724.28 where the swing low support is. Alternatively, price could rise to stop loss at 4091.56 where the pullback resistance, 50% fibonacci retracement and 100% fibonacci projection are.
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