At the close of trading on Monday October 5th, the SP 500 traded and closed above the neckline of a Reverse Head and Shoulders bottom pattern. The reversal target of an internal descending broadening wedge reached its third pivot on support adjacent to the right shoulder and advanced the SP 500 through the neckline early in the morning at point C. The SP 500...
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...