TitleSPX500USD H4 | Bearish reaction off 23.6% fibo?TypeBearish ReversalPreference:Price is reacting off our pivot point at 4399.87, which is a pullback resistance, and at the 23.6% fibo retracement. We can expect price to fall to the 1st support level, which is a multi-swing low support and 78.6% fibo projection.Alternative scenario:If price breaks above the pivot point, then price could rise to the 1st resistance at 4457.37, which is an overlap resistance and slightly below the 50% fibo retracement.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.
