[SPX] Which Comes First the BULL or the BEAR... 3500 or 3180?
Best comparison I got is when you're gettin close to the gas station but your tank already under E.
You just never know if those fumes will actually get you there or not!
Markets generally like to trend up, especially after a decade of always going up.
We are in the lag period in between Market Psychology and Market Fundamentals, where Psychology alone continues pushing Price higher despite the underlying fundamentals being relatively much weaker for the given PRICE compared to recent past.
It's what makes calling the fckin end point both extremely frustrating and the ultimate intellectual challenge:
At what period in time does one final cease driving the market and the other finally take over?
Anyway, we managed to just barely break over the megaphone I spotted today and now we got a beautiful 3-way wedge between Megaphone Top (light blue), the 1st 1M Downchannel Horizontal S/R (orange) and the 2D uptrend (magenta) plus maybe a touch a downside pressure still from the rising wedge retest fail but we're almost past that now.
Next thing I'm lookin for is Price to hold above the Megaphone, if we drop too far under this and start completing an 8-touch point on the downside, we aint likely getting back up and it's probably over so if we're gonna hit 3500, now is its chance!
Definitely not getting back above the converging 5Y trend (yellow) and 2Y peak trend (light blue) so I'd be shorting especially hard if we did make it back there.
That's basically our map till election guys, best of luck! B)
Feelin like I gave up on my 3500 BULLGASM Retest to Doomsday Descent idea too soon! Damn, got really sucked in by that initial drop and weak Price Action...
![[SPX] Still Lookin for a 3500 Retest before DOOMSDAY Descent!](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
You just never know if those fumes will actually get you there or not!
Markets generally like to trend up, especially after a decade of always going up.
We are in the lag period in between Market Psychology and Market Fundamentals, where Psychology alone continues pushing Price higher despite the underlying fundamentals being relatively much weaker for the given PRICE compared to recent past.
It's what makes calling the fckin end point both extremely frustrating and the ultimate intellectual challenge:
At what period in time does one final cease driving the market and the other finally take over?
Anyway, we managed to just barely break over the megaphone I spotted today and now we got a beautiful 3-way wedge between Megaphone Top (light blue), the 1st 1M Downchannel Horizontal S/R (orange) and the 2D uptrend (magenta) plus maybe a touch a downside pressure still from the rising wedge retest fail but we're almost past that now.
Next thing I'm lookin for is Price to hold above the Megaphone, if we drop too far under this and start completing an 8-touch point on the downside, we aint likely getting back up and it's probably over so if we're gonna hit 3500, now is its chance!
Definitely not getting back above the converging 5Y trend (yellow) and 2Y peak trend (light blue) so I'd be shorting especially hard if we did make it back there.
That's basically our map till election guys, best of luck! B)
Feelin like I gave up on my 3500 BULLGASM Retest to Doomsday Descent idea too soon! Damn, got really sucked in by that initial drop and weak Price Action...
![[SPX] Still Lookin for a 3500 Retest before DOOMSDAY Descent!](https://s3.tradingview.com/v/VW2JYxeK_big.png)
Comment:
Also, this BULLGASM bounce idea still holding up very well...
![[SPX] 3 Possible Outcomes... Bounce and Bullgasm Special!](https://s3.tradingview.com/y/YjRewz2b_big.png)
Comment:
Megaphone and horizontal downchannel S/R held remarkably well and rejected Price very forcefully!
Data analyst with a passion for best fit lines B)
