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RobBiddle
May 12, 2023 4:18 PM

SPX Daily Gap, H&S formed if filled Short

SP:SPX1D
S&P 500SP

Description

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There's a gap on the SPX daily chart. If the gap fills it will put us right near the daily 200MA and complete a bearish Head and Shoulders formation, which would have a target down near the Oct lows.

Comment

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What MIGHT be a Right Shoulder is also starting to look like a Diamond Top formation.

Comment

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Trend AnalysisChart Patternshead_and_shoulderheadandshouldersformationgapgapfillSPDR S&P 500 ETF (SPY)
Comments
nzahir
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Oct lows is around 3500...now the gap at 3900s....?

You saying a bounce first from there and then lower?
RobBiddle
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@nzahir, I'm saying IF the gap at 3979 fills then the H&S pattern will have formed. The downside target for the H&S would be roughly 3500.
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