SPX: About to Trigger an Insane Chart Pattern.
• We nailed the 4,195 target on the SPX, as mentioned in my previous public analysis from May 16 (link below this post);
• Now, it appears the index wants to correct, and the 21 ema is right there waiting for it, as a technical support level. This makes sense as it just hit its target;
• The problem is that it isn’t dropping properly. Despite the drop this morning, the candlestick is still bullish, and this opens room for the possibility of a sideways correction, opposing the idea of a price correction to its 21 ema;
• Either way, as long as the index remains under 4,195, it’ll be very difficult for it to resume the bullish bias;
• Yes, the trend is bullish, as the index is doing higher highs/lows and it is above the 21 ema;
• Long-term speaking, there’s an Ascending Triangle chart pattern on it, and the index has just reached its resistance line;
• Therefore, any short/mid-term correction is plausible, however, if the index breaks this resistance line, it’ll trigger this pattern;
• The technical target of an Ascending Triangle is the distance between the first bottom and the resistance line projected in the direction of the breakout. This suggests a target around 5k – remember, this is the weekly chart;
• It all depends on how the index will react from here, now that it just reached a critical resistance level.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• Now, it appears the index wants to correct, and the 21 ema is right there waiting for it, as a technical support level. This makes sense as it just hit its target;
• The problem is that it isn’t dropping properly. Despite the drop this morning, the candlestick is still bullish, and this opens room for the possibility of a sideways correction, opposing the idea of a price correction to its 21 ema;
• Either way, as long as the index remains under 4,195, it’ll be very difficult for it to resume the bullish bias;
• Yes, the trend is bullish, as the index is doing higher highs/lows and it is above the 21 ema;
• Long-term speaking, there’s an Ascending Triangle chart pattern on it, and the index has just reached its resistance line;
• Therefore, any short/mid-term correction is plausible, however, if the index breaks this resistance line, it’ll trigger this pattern;
• The technical target of an Ascending Triangle is the distance between the first bottom and the resistance line projected in the direction of the breakout. This suggests a target around 5k – remember, this is the weekly chart;
• It all depends on how the index will react from here, now that it just reached a critical resistance level.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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