SPX on Key zone for a major reversal movement by ThinkingAntsOk
The idea of this chart is to summarise the most important aspects of what we can see on SPX
-We can see the full structure since 2018, with all the inner movements
-The main structure is the Upper and lower trendline of the Channel (white lines)
-The upper trendline has been tested 4 times, all resulted in a huge bearish movement after that
-Currently, the price is exactly there on a Wedge Pattern formation
-Wedge patterns are considerer Reversal structures, it shows the weakness of any movement
-On MACD we can observe a huge divergence between the Higher Highs
-Based on these: a)Price against the Upper trendline + b) Wedge pattern formation + c) MACD divergence
we expect a Bearish movement starting soon towards the Lower trendline of the Channel, as the main target for the downside move.
-We can see the full structure since 2018, with all the inner movements
-The main structure is the Upper and lower trendline of the Channel (white lines)
-The upper trendline has been tested 4 times, all resulted in a huge bearish movement after that
-Currently, the price is exactly there on a Wedge Pattern formation
-Wedge patterns are considerer Reversal structures, it shows the weakness of any movement
-On MACD we can observe a huge divergence between the Higher Highs
-Based on these: a)Price against the Upper trendline + b) Wedge pattern formation + c) MACD divergence
we expect a Bearish movement starting soon towards the Lower trendline of the Channel, as the main target for the downside move.
Feragatname
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