Classic ABCD Pattern made on S7P 500 Index. Opportunity to go short!
There is classic ABCD Pattern made on S&P 500 index. Rising wedge also broke today.
Classic ABCD: In this pattern, the BC is a retracement of 61.8% – 78.6% of AB, with CD being the extension leg of 127.2% to 161.8% (equal in price distance)
Attached is the image below for your reference.
The same pattern is made on S&P 500 index.
Below are the Four Hourly chart for S&P 500 Index for your reference.
One can go short below 2690 with SL 2810 for Target 2251. On Risk Reward, it's a 1:3.5 Trade.
The above views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don't trade with the money you can't afford to lose. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication of future returns.
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