[SPX 2H] Mothership Spawns 1st Fractal Cruiser... Bulls BEWARE!
That giant 6M rising wedge seems to have spawned a smaller rising wedge fractal, this one less than 1M old.
May be the first of many along this 2Y descent to bottom.
The most important point here being that we already broke under the wedge and technically started the reversal.
It charged back real hard but didn't even come close to making it back into the wedge, let alone breaking out the top for a clearer bullish move, and already began reversing again closing on a flatbottom red candle.
If you squint you might even make out a 2W old H&S nearing completion meaning we have two converging BEARISH chart patterns, one complete, the other 1-2D away.
The Peak Downtrend Channel is also wedging price right into the 5Y trend. That trend is powerful and could easily push price through the much weaker PDC but Price may simply pass right through and then that trend power would be pushing Price down, not up.
That sets us up for one epic show here in the next couple days ladies and gentlemen.
Lets see if they can Gap Up their way outta this one! B)
May be the first of many along this 2Y descent to bottom.
The most important point here being that we already broke under the wedge and technically started the reversal.
It charged back real hard but didn't even come close to making it back into the wedge, let alone breaking out the top for a clearer bullish move, and already began reversing again closing on a flatbottom red candle.
If you squint you might even make out a 2W old H&S nearing completion meaning we have two converging BEARISH chart patterns, one complete, the other 1-2D away.
The Peak Downtrend Channel is also wedging price right into the 5Y trend. That trend is powerful and could easily push price through the much weaker PDC but Price may simply pass right through and then that trend power would be pushing Price down, not up.
That sets us up for one epic show here in the next couple days ladies and gentlemen.
Lets see if they can Gap Up their way outta this one! B)
Data analyst with a passion for best fit lines B)
Was helped by a strong 7 touch point 2W Megaphone Structure and very steep short term uptrend and extension of that horizontal downchannel S/R...