ThomasMagdi

Potential SP500 Reverse Head and Shoulders formation

AMEX:SPY   SPDR S&P 500
46 0 1

A potential formation of an SP             500 reverse head and shoulder pattern has occurred as of September 25th. A Descending neckline has formed on points A and B with a head formation on an August 24 low of 1819. A Descending wedge pattern was initiated at neckline point B and is now complete at the right shoulder. Due to the descending wedge upside target, a reversal to point C and above neckline has potential. If the SP             500 closes above the neckline at point C on higher volume , a valid formation of a Reverse Head and shoulders is expected with a significant upside target of 2280. It is recommended that stop losses be placed at or below the neckline.
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