The Sellers have been very much in control of this market
Now they are approaching a number of support lines where they will reach walls of buyers
Can they keep on over powering the buyers?
SSMI is in a corrective phase. I'm expecting a possible completion of this expanding structure for a strong move to the downside. A strong breakout of this structure to the upside invalidates the setup.
Depending on how long China can keep credit bubble inflated and on how fast Fed hikes (which will trigger EM cirisis), downside risk can materialize sooner or later. Same logic goes for SPX.
