sp500 just ended its B wave and will drop now.
After seeing the large sell off, we can expect sp500 to be very volatile, but after reaching such a high a correction was expected.
with the drop and a retracement back to 0.618 resistance inside and a large triangle formation looks like it has formed. a down breakout following the negative effect of Powell's speech in regard to the market and 3 additional rate hikes just keeps supporting the idea that a negative breakout will happen.
with the drop and a retracement back to 0.618 resistance inside and a large triangle formation looks like it has formed. a down breakout following the negative effect of Powell's speech in regard to the market and 3 additional rate hikes just keeps supporting the idea that a negative breakout will happen.
Note
expected 48 hour targets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.