tradingwithyg
Short

S&P500 Head and Shoulders Short Setup

OANDA:SPX500USD   S&P 500 Index
Recent price action continues to push the index lower. It has nearly completed the head and shoulders pattern. For this pattern to be active, there needs to be follow through on the break of the pattern neckline. I would start getting excited if price can hold below 2786. The head and shoulders pattern comes at a critical point in the structure since price rejected the Sept/Oct 2018 high, thus creating a double top as well. However, price is trading near a confluence of support, the 200 EMA and the pattern neckline. Those interested in the short should pay close attention to 2786 and how price reacts at that level.
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