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S&P500: Strong correction imminent.

The S&P500 remains almost overbought on the 1W technical outlook (RSI = 68.727, MACD = 178.950, ADX = 36.338) as it is still near the Highs of the recent April-May rally. This is the first time that is shows legitimate signs of a Top and reversal on the medium term. The pattern that has emerged is a H&S that formed is support on the 4H MA100 and has just completed the RS. Technically we should be seeing an immediate decline to the 2.0 Fibonacci extension (TP = 7,170), exactly on the May 4th Low (S1) aimed at testing the 4H MA200. Note that the 4H RSI has been on a Channel Down for over a month, a strong Bearish Divergence that has led to this market top.

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