SPX 500 Analysis on Weekly Timeframe!
Rising Wedge Pattern in SPX500
Rising Wedge Pattern Formation after a Strong Downtrend
SPX500 was in downtrend before now we are seeing a temporary uptrend but if we observe carefully it is an unstructured uptrend, for trend reversal it has to break 4323.56 level. Now SPX500 has formed a Rising Wedge Pattern. This pattern formation happened after a long down move. Now SPX500 is taking a pause and trading inside a wedge. If SPX500 able to break Support Trendline then the Primary trend will continue which is a Downtrend. I have done all important Analysis on the chart. I hope this will help you to forecast the further direction of SPX500.
Rising Wedge Pattern in SPX500
Rising Wedge Pattern Formation after a Strong Downtrend
SPX500 was in downtrend before now we are seeing a temporary uptrend but if we observe carefully it is an unstructured uptrend, for trend reversal it has to break 4323.56 level. Now SPX500 has formed a Rising Wedge Pattern. This pattern formation happened after a long down move. Now SPX500 is taking a pause and trading inside a wedge. If SPX500 able to break Support Trendline then the Primary trend will continue which is a Downtrend. I have done all important Analysis on the chart. I hope this will help you to forecast the further direction of SPX500.
Trade closed manually:
Pattern Failure!
Avinash K.