SPX500(H4). At Resistance.

FX:SPX500   S&P 500 Index
413 11 2
Horizontal Resistance. Rejection. Potential Channel upper Bound. LH(s) formation intact.
50 sma . 78.6% Fib retracement.
AB=CD . LL ?
Stochastics Overbought.
That key 2120 rejected so far today..... still early.
GarryBartsch Justiceisfalse
Indeed. A long upper shadow on this 4 hour candle. Market rejecting higher prices for now.
Justiceisfalse GarryBartsch
2080 weekly puts start to look interesting.
rv GarryBartsch
its warming up.. :)
rv Justiceisfalse
yep, generally things dont look, that rosy indeed....
wow your ABCD was perfect there...How did you know what leg AB was going to be?
rv docwesley90
just looked at the symmetry and left structure, though the LH did not hold.
I'm seeing something very similar to you:

But I'm aware those little candles could be forming a tight flag and we could see price burst through the falling resistance.

I like your trend line drawing.
rv GarryBartsch
thanks for comment and chart. There is also weakening daily momentum, and we have the 'Sell in May' and go away notion as well. Lets see.
rv GarryBartsch
we are also, kind of minority, which in general terms, can prove a good thing. :). tight stop.
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