Correction on the Horizon - H&S Weekly Chart
SPX long term analysis:
It is getting clearer and clearer that unfortunately the uptrend is about to end. From a macroeconomic perspective it is obvious that what awaits is only blood in the streets. The weekly chart shows a clear Head and Shoulders pattern which is upon to be completed today. If the SPX is unable to close above the 4100 level, a trend reversal is on the horizon. The first step to consider it as a correction is to close below resistance and next week to bounce to the level on the newly created resistance. Possible retracement levels in the long run are at worst the levels shown in my analysis (3330). From there we should be able to bounce off support and resume an uptrend. This depends a lot on the macroeconomic perspective and the Dollar currency index (DXY) which is facing strong resistance which could bring it to levels we have not seen since the dotcom bubble.
This is what I see, hence I wanted to share.
Happy Weekend and to trade safe :)
It is getting clearer and clearer that unfortunately the uptrend is about to end. From a macroeconomic perspective it is obvious that what awaits is only blood in the streets. The weekly chart shows a clear Head and Shoulders pattern which is upon to be completed today. If the SPX is unable to close above the 4100 level, a trend reversal is on the horizon. The first step to consider it as a correction is to close below resistance and next week to bounce to the level on the newly created resistance. Possible retracement levels in the long run are at worst the levels shown in my analysis (3330). From there we should be able to bounce off support and resume an uptrend. This depends a lot on the macroeconomic perspective and the Dollar currency index (DXY) which is facing strong resistance which could bring it to levels we have not seen since the dotcom bubble.
This is what I see, hence I wanted to share.
Happy Weekend and to trade safe :)
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