SPX - Monthly Close to Determine Blow-off Top or Correction
A little over 2 days remaining until the current monthly candle closes. Last month we closed just above the inside channel here on the logarithmic chart.
Bullish - Blow-off Top:
- If we can remain above it, I think we'll see a blow off top that takes us somewhere near the top of this proposed larger channel.
Bearish - Correction:
- Should we close below, we'll likely see the bottom of the inside channel again, and may even touch the bottom of the proposed larger channel for a third time, adding to the the potential for an attempted break below that.
Bullish - Blow-off Top:
- If we can remain above it, I think we'll see a blow off top that takes us somewhere near the top of this proposed larger channel.
Bearish - Correction:
- Should we close below, we'll likely see the bottom of the inside channel again, and may even touch the bottom of the proposed larger channel for a third time, adding to the the potential for an attempted break below that.