Title
SPX500USD H4 | Bearish reaction off 38.2% fibo?

Type
Bearish Reversal

Preference:

Price is rising towards our pivot point at 4306.5, aligning with the 38.2% fibo retracement and 78.6% fibo projection. We could expect price to fall from our pivot point, to the 1st support at 4259.5, which is a swing low support level.

Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 4350.16, which is a swing high resistance level.

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.