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SPX
Short
S&P 500 Bearish Setup
Rationale
TradingView idea: S&P500: Targeting 7,500 on this Megaphone bearish wave. for PEPPERSTONE:US500 by InvestingScope
TradingView symbol: US500
S&P500 turned neutral on its 1D technical outlook (RSI = 52.575, MACD = 29.470, ADX = 28.470) as the price made yet another LH inside its monthly Megaphone pattern. The last 3 LLs got priced on the 1.236 Fibonacci extension at least. Expect a similar LL (TP = 7,500) on what is currently the new bearish wave of the pattern technically.
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