SPX500 - More Bearish Action 🐻SPX500
As we looked at, this wedge shaped fractal looked very weak as soon as it started to grind upward from the second bounce.
Now it has slumped down below the lower wedge trendline and that is quite a bearish look down there.
From here there will be a lot of resistance above and its now unlikely that it can reach the upper trendline again without first capitulating.
It will probably either have a weak bounce and perhaps tap liquidity inside the wedge above the lower trendline.
Or it could be already in a strong downtrend already and just continue down.
If it bounces I'll be adding to my short positions.
Not advice