RizeSenpai

SPX Monthly and Daily Timeframe Price Action Update

Short
OANDA:SPX500USD   S&P 500 Index
A while ago i uploaded a Monthly logscale Parallel Channel chart that showed that it reached the top. Today i am here to update the plotting of that channel and to provide a secondary more immediate view of price action on a lower Timeframe (The Daily) in the form of a rising wedge at the PCZ of a Bearish Deep Crab pattern as we're at the potential reversal point for both right now.

I think the SPX will have a hard time breaking above the zone i have shaded in the red and could see a 15-30%+ correction towards the bottom of the channel from here.

I have been buying volatility ETFs such as UVXY and VXX to cover myself in the case that we do experience this massive drop.
Comment: The 1.618 PCZ and the upper trendline of the wedge has just been officially hit!

I will be expecting some reactive volatile Price action today.