As we can see the SPX500 is bearish now for the long-term.
There are 3 scenario that i’ll wait for:
1 – The supply above is a great continuation level of sell position, if the price return to that supply i’ll sell there and my target will be 2480.00 zones.
2 – In case the price will breakout the supply above i’ll look for price action setup for buy position, my first target will be the resistance above and the final target will be the supply at the top.
3 – If the price will reach the supply at the top i’ll open sell position there, this supply level can create a great risk reward ratio since the target still be 2480.00 zones. also, if that scenario will come true, we will see the pattern Head & Shoulders creates.