S&P 500. Updated chart. Larger Triangle or Double Three
As I promised in my earlier post
here is an update with the two possible scenarios.
First of all I would like to focus your attention on the dashed parallel trendline resistance (yellow).
Price was rejected right at that resistance shaping reversal Doji candle on the Weekly chart.
If this upmove has been finished (breakdown below red support is needed to confirm it) then I can see
two options of further price development.
1) Larger Triangle.
It still could be a Triangle but of the larger size (orange marks and blue zigzag).
It perfectly fits with the trendline support (yellow).
2) WXY Double Three.
Another option is more painful as price could drop to 2400 as marked with the white zigzag.
It implies the breakdown of the yellow support and this should relax the market deeply before the autumn comes or even later.
I heard once that 2018 could be a NON-performing year for US stocks and this scenarios confirm it. Let's live and see
First of all I would like to focus your attention on the dashed parallel trendline resistance (yellow).
Price was rejected right at that resistance shaping reversal Doji candle on the Weekly chart.
If this upmove has been finished (breakdown below red support is needed to confirm it) then I can see
two options of further price development.
1) Larger Triangle.
It still could be a Triangle but of the larger size (orange marks and blue zigzag).
It perfectly fits with the trendline support (yellow).
2) WXY Double Three.
Another option is more painful as price could drop to 2400 as marked with the white zigzag.
It implies the breakdown of the yellow support and this should relax the market deeply before the autumn comes or even later.
I heard once that 2018 could be a NON-performing year for US stocks and this scenarios confirm it. Let's live and see
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