Heads (& Shoulders) Up! A Bearish Pattern Appears To Be Forming
Trading Fam,
As we trade through this treacherous market, I check the big charts daily to understand if they are telling me anything new via volume, pattern, trends, etc. Today I've spotted what appears to be a rather ominous Head and Shoulders pattern forming on the SPY/SPX charts. If correct, we should see a continued rebound in stocks for at least this week and into next, until the top of that right shoulder is found. For this pattern to be confirmed, we would then need to see price start to fall again down to that neckline. If that neckline were to break, I would expect further selling down to around $6000-6100.
I'll be watching this closely and updating here.
✌️Stew
As we trade through this treacherous market, I check the big charts daily to understand if they are telling me anything new via volume, pattern, trends, etc. Today I've spotted what appears to be a rather ominous Head and Shoulders pattern forming on the SPY/SPX charts. If correct, we should see a continued rebound in stocks for at least this week and into next, until the top of that right shoulder is found. For this pattern to be confirmed, we would then need to see price start to fall again down to that neckline. If that neckline were to break, I would expect further selling down to around $6000-6100.
I'll be watching this closely and updating here.
✌️Stew
ملاحظة
Well. That right shoulder needed some muscle. Very weak! But the net effect and target down remains the same. As of today, it looks like we're going to $6100.تم إغلاق الصفقة يدويًا
With the break below the neckline and then the subsequent push back above, this idea appears to have been invalidated.
Stewdamus Trades -
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Crypto predictions, targets, how-tos, and much, much more!
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.