SPX500USD H4 | Bullish reversal off 127.2% fibo?

TitleSPX500USD H4 | Bullish reversal off 127.2% fibo?TypeBullish BouncePreference:Price is hovering above our pivot point at 4157.2, which is an overlap support level, aligning with the 127.2% fibo extension. If price bounces off the pivot point, then price could rise towards the 1st resistance at 4205.4, which is a pullback resistance level.Alternative scenario:If price breaks below the pivot point, then price could fall to the 1st support at 4109.3, which is a swing low support level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.