[SPX] Bounce Off Top of Mega Phone... Wedging Hard to 26th!
Updated
Wow... 26th was my rough prediction a few days back then today brought a valuable piece of the puzzle on the Treasure Map!
We had a clear rising wedge breakout and now it has retraced back down to the top of the megaphone pattern within the rising wedge.
This is the strongest nearby support and the resistance above is the 5Y trend and 2Y Peak Downtrend convergence.
Do note that that peak coincided with exact convergence of these two powerful S/R and it crashed right back down.
Now the more recent 2Y Peak Downtrend is diverging BELOW the much stronger 5Y uptrend and could have a depressing effect on Price.
The next magenta S/R below is an extension of the original structure and should provide some support but it's weak.
After that we would likely see some Big Red.
So yea, just noticed this exactly converges on the 26th... probably poor earnings combined with COVID worsening and slowing economic activity again. And maybe DXY spiking.
We had a clear rising wedge breakout and now it has retraced back down to the top of the megaphone pattern within the rising wedge.
This is the strongest nearby support and the resistance above is the 5Y trend and 2Y Peak Downtrend convergence.
Do note that that peak coincided with exact convergence of these two powerful S/R and it crashed right back down.
Now the more recent 2Y Peak Downtrend is diverging BELOW the much stronger 5Y uptrend and could have a depressing effect on Price.
The next magenta S/R below is an extension of the original structure and should provide some support but it's weak.
After that we would likely see some Big Red.
So yea, just noticed this exactly converges on the 26th... probably poor earnings combined with COVID worsening and slowing economic activity again. And maybe DXY spiking.
Note
Oh yea and white is 6W peak downtrend. It’s getting steeper.Note
Well we def got our 26th drop!
Data analyst with a passion for best fit lines B)
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