TradingView
johndustinsloan
Feb 1, 2021 9:45 PM

Rising Bearish Wedge Pattern on the SP500 weekly Short

S&P 500 IndexTVC

Description

Watch for a wick bounce to 3617 which coincides with the weekly 21 EMA and trendline support. Possible bullish continuation to 4021 over the next 2 months with retest of the upper trendline on the weekly RSI. This would confirm bearish divergence and possibly could be our peak. Bounces and possible trend reversal possible at each of the red price trendlines.
Comments
byronhall1978
Clever and detailed, technical analysis, I hope that you are right, well done.
johndustinsloan
@byronhall1978 thanks! Always evolving
ProfitHarvest
Yea 3.6k and 3.25k the points to watch.
johndustinsloan
@ProfitHarvest i would not be surprised to see it wick to 3.6k then resume a bull trap to the pinnacle of the wedge before beginning the true correction.
ProfitHarvest
@johndustinsloan, yea day or two more red to mid-feb peak to correction down to late March
More