Giant Head & Shoulders on S&P

FX:SPX500   S&P 500 Index
107 3 2
Target price ~1533.
Do you foresee a dead cat bounce retracement first?
Battleaxe Fibonacci_Technician
Probably not much more bounce than we had late this afternoon. The last couple of months have closed stronger than the beginnings but not sure that can be counted on this time. Rate hike decision next week could have a big effect one way or the other. For the H&S to be validated we need to plunge through the neckline in fairly short order. A small bounce (like this afternoon) is acceptable though.
Head & Shoulders completed today. Look out below!
+1 Reply
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