S&P 500 IndexShort
[SPX] Right Shoulder Double Top? Down Megaphone? Bearish Confirm
Updated
Haven't had time to track this but clearly fractals holding up fantastic in this Chaos.
Right shoulder of this bearish structure cluster just added a Double Top, making the cluster more bearish but also set a Higher Low so may be trying to consolidate for a bit here if it doesn't just keep dropping.
Buying at the bottom fractals on reversal signal and selling at the top fractals on reversal signal.
Possible very bearish down megaphone taking shape here but we'll have to wait and see. Looking for another top retest and rejection or failing a bottom test. Must account for top breakout and bottom bounce probabilities too.
Right shoulder of this bearish structure cluster just added a Double Top, making the cluster more bearish but also set a Higher Low so may be trying to consolidate for a bit here if it doesn't just keep dropping.
Buying at the bottom fractals on reversal signal and selling at the top fractals on reversal signal.
Possible very bearish down megaphone taking shape here but we'll have to wait and see. Looking for another top retest and rejection or failing a bottom test. Must account for top breakout and bottom bounce probabilities too.
Note
Wow already we got some great action here folks.We already nailed another bottom retest and Price came to rest right on the 1.5Y Peak Channel mid-line.
If Price manages to get stuck under the bottom of this megaphone, it could get ugly quick. This fractal will maintain importance as an inflection point signal from here.
Note
It's like a Hyperspace Pinball Machine that pays out real $$$...Note
Look at how we just tanked after breaking below the red fractal to go and test an older white fractal before quickly recovering back to the stronger red fractal.We then bounced and hung around the mid-line for a bit before heading up to bounce off the above fractal.
This Price action is still lookin pretty bearish.
Note
This dotted red line is very important here...
Data analyst with a passion for best fit lines B)
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