SPX FORMING BEARISH PATTERN AND REACHING OVERHEAD RESISTANCE

SPX has been moving upwards, forming a bearish consolidation pattern (Rising Wedge).

Morever, if we take our fib retracement tool and go from swing high to low, we see it reach the 618 fibonacci level of 3864.

For those in a long position, please take heed of this bearish pattern.
However, this is only valid IF the pattern is broken down.

I will most like not get many likes on this post as it is bearish...

But I thought I should share this idea to you all.

The next two days are going to be very volatile in asset markets, due to the FOMC meetings.
Trade Safe Friends <333

Comment:

Just another update guys

If SPX does continue to the upside, it would be filling the gap from 4036 to 4099.

For those who are unaware, Gaps will be filled 9/10 times. sooner, rather than later.

With that in mind, if SPX does resume its upwards movement, it would go align with the descending price channel it is in.

Please see my chart below with the bars pattern included:

Comment:

I'd like to give an update on the SPX chart.
I hope you were able to win massively from a short position!! <3333

We see SPX find resistance at the 618 fib level, break the rising wedge pattern, AND have a failed retests

All 3 major confluent factors that we are expecting lower targets!!

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Comment:

SPX did break down from our wedge pattern.

However, happened to find the monthly level as our support.

We can deduce that SPX has now formed a LH in the mid time-frames.

Using our fib extension tool, the next overhang resistance is the 1.618 of 3967.

Please see the chart provided: