SPX500 needed to created a descending channel after the high to engineer some liquidity for continuation of long positions.
Where did price fall to? Key Fibonacci 0.618 - 0.705 levels Why is this important? Look left - the white candle shows an imbalance on the previous bullish engulfing [highlighted blue].
We are currently long but await the next buy from a daily low.
See the Vix vs S&P500
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