Watch the SPX intraday wave count- looks very much like an Ending Diagonal Triangle forming This could be the pinnacle to the blow off top in US stocks.
Mr. Rivest see's things that no other analyst does. His work is often brilliant, when the crowd is looking the other way.
His work should always be respected for that perspective, when he posts to Tradingview, or the Stock's and Commodities website.
In his July 20 post, Mr. Rivest describes the possibility of a BLOW OFF TOP move up in the S+P
above MAJOR LONG TERM RESISTANCE,
and then the possibility of subsequent DECLINE back down thru support, rendering a SELL SIGNAL which would certainly fool the majority !
July 21 gap down open in the S+P to 2467.40 has opened the door a crack to that possibility.
SPX Chart Support at 2461 is critical. Failure to hold 2461 should send them down to test MAJOR SUPPORT at 2450.
The_Unwind
The_Unwind
⋅
S+P 500 is currently in a Very Powerful Ascending Wedge/Ascending Triangle Move UP off the 7/ 11 Low at 2412.79
BIG MONEY MOVE UP began with the Fed Chairman Dovish Testimony before Congress on 7/12 with an open of 2435.75
then 7/18 Retest of 2450 Support this week has supported this next leg up.
The Ascending Wedge/Ascending Triangle has a technical expectation of a break to the downside,when it EVENTUALLY COMES.
There is no telling where/ when this move up will eventually terminate, it could happen at any time,
but on the 120/240 Minute S+P Chart the clear DESTINATION and APEX of the TRIANGLE is S+P 2500 !
The MAJOR TREND is UP, so step aside, if you don not want to be long after this much of a move up..
Picking tops,... in a market that REFUSES to go down is VERY DANGEROUS to a traders bank account !
WAIT for S+P to BREAK MAJOR SUPPORT at 2450, before even thinking about initiating a short position.
The_Unwind
dkurzhal
⋅
Everyone was waiting for that H&S on the NASDAQ 100, myself included, 2 week non-stop ramp probably sent 99% of the bears packing their bags... I'm sure we'll get a good down move now on all indexes.
markrivest
⋅
Hi dkurzhal
Thanks for the comment.
Mark
AndersE
⋅
@dkurzhal, the H&S is that on the Daily time frame?
dkurzhal
⋅
@AndersE, Ya, on the daily. Had everyone super excited when it lost the 50 day MA and there were projections for 5400 (based on the H&S pattern); it shot up instead and completely face ripped to all new highs above 5900.
AndersE
⋅
@dkurzhal,
With a bit of imagination I see a H&S on the 4h setting for DOW and German DAX
His work should always be respected for that perspective, when he posts to Tradingview, or the Stock's and Commodities website.
In his July 20 post, Mr. Rivest describes the possibility of a BLOW OFF TOP move up in the S+P
above MAJOR LONG TERM RESISTANCE,
and then the possibility of subsequent DECLINE back down thru support, rendering a SELL SIGNAL which would certainly fool the majority !
July 21 gap down open in the S+P to 2467.40 has opened the door a crack to that possibility.
SPX Chart Support at 2461 is critical. Failure to hold 2461 should send them down to test MAJOR SUPPORT at 2450.
The_Unwind