SPX - Ascending Triangle (potentially bullish)
A bearish divergence that appeared on 30th June had resulted in a short term and relatively shallow pullback (50% retracement of the mini AB swing) lasting several days. The uptrend has remained intact so far (and very much so).
In fact it looks like an Ascending Triangle pattern could be forming. This is a continuation pattern (of a prior trend, which was "up").
Waiting to see if a breakup will materialise in the near term.
However, should it break down instead (though with lesser odds), then current support is still around the 4300 region.
Disclaimer: Just my 2 cents and not a trade advice. I like to keep my analysis simple as analysis paralysis is real especially for newbie traders! Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is (probably the most) important! Take care and Good Luck!
In fact it looks like an Ascending Triangle pattern could be forming. This is a continuation pattern (of a prior trend, which was "up").
Waiting to see if a breakup will materialise in the near term.
However, should it break down instead (though with lesser odds), then current support is still around the 4300 region.
Disclaimer: Just my 2 cents and not a trade advice. I like to keep my analysis simple as analysis paralysis is real especially for newbie traders! Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is (probably the most) important! Take care and Good Luck!
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