[SPX] 2W Megaphone Blow Off Top or DEATH Spiral? Take Your Pick!
We may just get that final Bullgasm up to a 3500 retest fail and collapse, which means this 2W megaphone pattern ends in a blow off top/exhaustion overthrow.
Otherwise Price fails to escape the pattern and we head back down to fill the gap and break below.
We won't be anywhere close to here come November guys, just trying to sort out the nuance between now and then.
3650 is absolute max peak if the Bullgasm is particularly epic. May also reject at 3570 if it manages to cross 3500 but that converging top of 5Y trend channel (yellow) and 2Y peak downtrend (light blue) is gonna be extremely hard to cross and especially hold this time around.
Added some downchannel S/R (magenta) as well.
Otherwise Price fails to escape the pattern and we head back down to fill the gap and break below.
We won't be anywhere close to here come November guys, just trying to sort out the nuance between now and then.
3650 is absolute max peak if the Bullgasm is particularly epic. May also reject at 3570 if it manages to cross 3500 but that converging top of 5Y trend channel (yellow) and 2Y peak downtrend (light blue) is gonna be extremely hard to cross and especially hold this time around.
Added some downchannel S/R (magenta) as well.
Data analyst with a passion for best fit lines B)
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