There is a pattern that has set up on the 120 minute spx chart. Bearish Engulfing pattern. That is when a 120 candle moves above the previous candle highs and below the previous candles lows. The trigger is when the following candle takes out the high (bullish or lows (bearish) It just took out the lows and if one trades it-the pattern stop would be above the “pattern trigger candle” 2451. I thought pointing this out would be important for anyone who was looking for a safe entry-with a tight stop.
There is also a bearish engulfing candle on the weekly charts-as you can see below.
