[SPX] Right Shoulder Double Top? Down Megaphone? Bearish Confirm
Haven't had time to track this but clearly fractals holding up fantastic in this Chaos.
Right shoulder of this bearish structure cluster just added a Double Top, making the cluster more bearish but also set a Higher Low so may be trying to consolidate for a bit here if it doesn't just keep dropping.
Buying at the bottom fractals on reversal signal and selling at the top fractals on reversal signal.
Possible very bearish down megaphone taking shape here but we'll have to wait and see. Looking for another top retest and rejection or failing a bottom test. Must account for top breakout and bottom bounce probabilities too.
Right shoulder of this bearish structure cluster just added a Double Top, making the cluster more bearish but also set a Higher Low so may be trying to consolidate for a bit here if it doesn't just keep dropping.
Buying at the bottom fractals on reversal signal and selling at the top fractals on reversal signal.
Possible very bearish down megaphone taking shape here but we'll have to wait and see. Looking for another top retest and rejection or failing a bottom test. Must account for top breakout and bottom bounce probabilities too.
Comment:
It's like a Hyperspace Pinball Machine that pays out real $$$...
Comment:
Look at how we just tanked after breaking below the red fractal to go and test an older white fractal before quickly recovering back to the stronger red fractal.
We then bounced and hung around the mid-line for a bit before heading up to bounce off the above fractal.
This Price action is still lookin pretty bearish.
We then bounced and hung around the mid-line for a bit before heading up to bounce off the above fractal.
This Price action is still lookin pretty bearish.
Comment:
This dotted red line is very important here...
Data analyst with a passion for best fit lines B)
We already nailed another bottom retest and Price came to rest right on the 1.5Y Peak Channel mid-line.
If Price manages to get stuck under the bottom of this megaphone, it could get ugly quick. This fractal will maintain importance as an inflection point signal from here.