As I promised in my earlier post here is an update with the two possible scenarios.
First of all I would like to focus your attention on the dashed parallel trendline resistance (yellow). Price was rejected right at that resistance shaping reversal Doji candle on the Weekly chart. If this upmove has been finished (breakdown below red support is needed to confirm it) then I can see two options of further price development.
1) Larger Triangle. It still could be a Triangle but of the larger size (orange marks and blue zigzag). It perfectly fits with the trendline support (yellow).
2) WXY Double Three. Another option is more painful as price could drop to 2400 as marked with the white zigzag. It implies the breakdown of the yellow support and this should relax the market deeply before the autumn comes or even later.
I heard once that 2018 could be a NON-performing year for US stocks and this scenarios confirm it. Let's live and see
awesome work aibek.
Sp500 now going toward 2600 as your first target?
Thanks a lot!
aibek
⋅
@meson1983, thanks for warm words. 2570-2600 is the next support.
meson1983
⋅
@aibek,
Sp500 went up big Friday, does this change the short term to bullish or is it a fake break out of 2750?
Thanks
aibek
⋅
@meson1983, corrections are tricky, invalidation above 2792
meson1983
⋅
Perfect timing for your update.
However, today's close did not break the red trend line support, correct?
If it won't break down, does that mean higher price is coming?
Thanks
aibek
⋅
@meson1983, dear meson1983, the patience is the key in successful trading as we spend a lot of time analyzing markets although we should know ourselves. Let the market show us his face, bear of bull and then you just join the party. I don't see either the confirmation of breakdown or the breakup higher.
meson1983
⋅
@aibek, Yes, let's see what is going to happen. Thanks!
Sp500 now going toward 2600 as your first target?
Thanks a lot!