ThinkingAntsOk

Full Analysis on SPX by ThinkingAntsOk

Short
TVC:SPX   S&P 500 Index
Use this as a guide to identifying the most important technical areas on the chart

Main Items we see on the Daily Chart:

a)The Main Structure is an expanding Triangle, using Elliott Wave Theory we can say that an E wave is remaining (short output using Elliott )
b)The Bullish trendline of the last movement is broken, and currently, we have a structure finding resistance on that trendline (short output)
c)If you see that structure on a lower timeframe like 4hs you can define it as an ABC flat pattern (continuation structure / short output)
d)Currently, the price is facing a major resistance zone , if the price cant surpass this level we expect a continuation of the bearish movement
e)Our Target of the bearish movement we are expecting is the next support zone , tested 2 times already
f)Another important item for the bearish thesis is that the Main Target for the bullish movement was reached, after that we saw a massive sell-off, with High volume

Weekly Chart:
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