The Dow Jones Monthly Chart I previously published has a broadening top pattern, the S&P doesn't have the same outlook and I'm sure many were looking at the S&P Monthly as a triple top however what I'm seeing instead is a rising expanded wedge or Expanding pattern which is a very bearish pattern on the stretched out Weekly. In its formation since late 2009 till 2013, you can see how its making it's way to the upper resistance level trend line again. Maybe 1800-1850 we will start seeing signs of topping. 1900 would be maximum for this to still be valid. I have seen this pattern play out many times in various markets and when they do play out, the end result is a devastating fall. We'll see if there is a fundamental catalyst for this to get started.
Trade ist aktiv:
S&P still rising but straddling the upper trend line. Price still rising but overall pattern advises that a tough hard drop is coming in the future.