The white up-sloping lines are the lines of a LT Pitchfork. The dashed one is the WL1 (Warning-Line 1).
Price was not able to find support above the WL1.
So it's naturally break down and...we see a classic retest from below. Picture perfect rulebook trade!
Then price trades south again and nearly meets the Centerline of the yellow Fork.
The red dashed line is...
S&P500 six months chart shows overbought level and start of correction. Five growing Elliot waves accomplished and ABC pattern should land us to 2100 support. In worse case it may fall down to 1850 as well.
Perfect short position was above but price still may hit 2700 before finally going down.
de momento anteriormente se esperaba los 2 camino o rompia al alza con un HCH alcista para hacer un expaded flat correction o era una bulltrap para continuar la caida ahora se ah visto un HCH bajista que daria a una onda 3 en elliot asi que puede en darle con confianza apostar a la caida esto no lo va a parar nadie y debe hacer su correccion como se debe
Symmetrical triangle, a continuation pattern.
So we clearly failed not only to reach the recent 2815 resistance, but also the March 2018 resistance of 2800.
Next we go down to support from late April/early May.
Play the triangle. Until we see a breach of the triangle (should be down), enjoy the swings.
$SPX closes November at its 5th highest for the month.
Oddly, the short term (9 day) $VIX closed at its 2nd highest November on record.
Investors are expecting near-term volatility despite the price action in the S&P 500.
Moving Average 20 days is touched. When it breaks 2806 points, possible retracement to 2759. Stop loss at 2820 when short order opens.
February 8, 2018 I published: "February March April I expect an horizontal move at S&P500. After the horizontal movement we can expect a climb to 3000 points. This is just normal pattern. S&P500 has a cycle of 2/3 months. After a...
S&P 500 Forming head and shoulders and is expected to have another leg up within the new few months to a peak of $3000 marked in yellow. Before we see the reversal and start to fall to the target areas we have shown. S&P 500 has been on a Major bull run since 2012 and is now expecting to curve the momentum.
