US500 false breakout/ Next - fall

10 дек. 2020 г.

Price moves along a strong resistance line (appeared in November 2015)

The two-day TF shows how the price reacts to the global and political agenda.
In February, during the first wave of Covid, the price touched the resistance line 3411.1 and collapsed.
Then it fell during the beginning of the second wave in September.
In November, on the contrary, it went up from support line 3251.4 in response to the US elections.
Now the price was able to break the line at 3650.7, but this is a false breakout.
In my opinion, after a false breakout, the price will fall again and come to the support zone.
Target - 3554.9

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