The late rally created pattern and (with 2 weekly Pinbars) just above the 200 weeks .
$SPX is still below the 1860-1880 so there's still potential downside risk for S&P500 .. However, if the price will break above 1880 and later above 1900, most likely it will continue forwards towards 1950 and 2000 (final target level for the pullback).
If it'll fail.. we will probably see another nose dive towards 1800 to touch the 200 weeks before the next rally.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week http://goo.gl/lzjBAf
To subscribe to the newsletters - http://goo.gl/HXjCPV
Follow my blog - http://goo.gl/78KZsl
Subscribe to my Youtube channel - https://goo.gl/q8dbyT