RizeSenpai

SPX Showing Indecision After An Attempted Rally Above Resistance

Short
OANDA:SPX500USD   S&P 500 Index
This is a small update to my pervious monthly and daily chart where i pointed towards the possibility of a Rising Wedge and a Bearish Crab to take us to lower levels soon. As of today we have had a strained rally above the 1.618 and look to be heading for the supply line of our Rising Wedge . But it looks like with all the indecision we are showing only just slightly above resistance and the 1.618 Fibonacci Extension that we may not have enough steam left to rally to those levels.
I expect that we will either remain sideways or go down from here and likely will not be making it above the red box before at least first making a decent retracement to lower levels.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.