he SPX500 has undergone a consolidation phase after a bullish trend, displaying choppy price movements. Notable patterns emerged, including a triple top formation with bearish divergence followed by an ascending triangle, indicating a potential continuation of the uptrend. Amidst cautious trading sentiments, a failed breakout from the triangle pattern hinted at a possible rectangle formation, supporting bullish continuation. Currently, the market has broken above the triple top, presenting a favorable opportunity for long positions, either immediately or upon a retest of the support level. With minimal resistance ahead, traders can consider riding the bullish momentum until signs of bearishness materialize, thereby capitalizing on the prevailing uptrend.
Trade active
Trade closed: stop reached