Just trying to take a look at the bigger picture today. I see a nice rising wedge pattern off the March 2020 low. I also see a fan pattern that does a great job of defining both the important low and high peaks since 2017.
4h lcose up
motive wave fib levels
Just in case this week is...
Just a thought based on past patterns. Maybe this is the end of the road or we could push a bit higher to meet the 3550 S/R line. FYI, there are several gap ups that need to be filled with a correction.
I marked up some key trading channels for the S&P.
Note that on a multi year time frame linear regressions take teh form of a triangle.
You can only see the 2009 rally linear regression in 1D time frame
Note that it stopped at S/R line this morning. This is just a touch above the 0.618 fib level between recent bottom and ATH. Is it going to rally past and melt up or was this a last gasp before correction?
S&P 500 in clear rising wedge pattern, which is a bearish reversal (see other examples in last few years). In addition, the S&P is just a hair under the major resistance trend line that S&P has not broken since 2011! I know the FOMO is strong, but all signs are pointing to a correction next week. I have also noted all of the other major FOMO instances recently....