TitleSPX500USD H4 | Bearish reaction off 50% fibo?TypeBearish ReversalPreference:Price is hovering below our pivot point at 4251.9, which is at a swing high resistance level, aligning with the 50% fibo retracement and 78.6% fibo projection. If price rejects this resistance level, then price could fall to the 1st support at 4206.2, which is a pullback support level.Alternative scenario:If price breaks above the pivot point, then price could rise towards the 1st resistance at 4296.1, which is a pullback resistance level, above the 61.8% 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.
