Above 2000 again - Two bearish harmonics near 2050
$SPX is back above 2000 again.
Since it's double bottom near 1880, it rallied straight to 2000 without even looking back.
1980 -2000 is the nearest support zone now and potential buy zone in case of short term pullback.
The more interesting scenario now is the bearish one, if and when $SPX will reach the 2040-2060 zone.
Depending on where you pull the pattern from (X points), there are two potential targets between 2045 and 2065.
Potential targets for the bearish Gartleys - 2000, 1980 and 1950
This analysis is part of the Weekly Markets Analysis newsletters
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Since it's double bottom near 1880, it rallied straight to 2000 without even looking back.
1980 -2000 is the nearest support zone now and potential buy zone in case of short term pullback.
The more interesting scenario now is the bearish one, if and when $SPX will reach the 2040-2060 zone.
Depending on where you pull the pattern from (X points), there are two potential targets between 2045 and 2065.
Potential targets for the bearish Gartleys - 2000, 1980 and 1950
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/h30tJk
To subscribe to the newsletters - goo.gl/HXjCPV
Comment:
$SPX reached final target level - Enters the sell zone before FOMC