SteveNixon
Short

Is this an ending diagonal setting up on S & P

SP:SPX   S&P 500 Index
We're currently getting mixed messages from the Fundamentals about where the world economy is heading. Is it a slow down, a recession or is that idea based on old news? I've been calling a correction of the markets for some time now but prices continue to push up. The experienced trader will recognize the pattern, price moves against decreasing momentum (indicated by the drop of in MACD ) Could we be looking at an ending diagonal setting up?

If so then we could see a good 50% retracement of the previous move up. Keep an eye on this one but don't jump into a short trade unless you see a set up that meets your trading rules.
I'll update my idea as it develops

This is not investment advice

Steve Nixon
Trainer & Mentor @logicfxtrading
Comment: Could this be the start of the correction - Price has moved down setting off my alarm and MACD is showing divergence
Nice chart!
+1 Reply
SteveNixon IgorPorokh
@IgorPorokh, Thanks. It's still pushing up but I'm watching it for any sign of a reversal
+1 Reply
IgorPorokh SteveNixon
@SteveNixon, rate my idea what you think about it
+2 Reply
SteveNixon IgorPorokh
@IgorPorokh, Hi Igor I don't trade Cryptos so I wouldn't be able to give you a good summary of your idea. Sorry
+1 Reply
IgorPorokh SteveNixon
@SteveNixon, Ok,thanks
+1 Reply
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