S&P 500 - Expanding Triangle to Close Out the Year
Is this an expanding triangle I see before me?
It seems to have started in May at 1955.9 reaching a high on July 23, a low on August 8th, highs again in September with the low in Mid-October.
If so it should confirm by reaching a new high between 2055 and 2075 at the latest in Early December and correct to somewhere below 1820 to 1770. If it breaks that it could go much lower.
The beginning of the triangle to it's first correction that touched the 200 day MA was ~60 days. The second cycle of lo-hi-lo was 69 days. That could mean the third lo-hi-lo cycle could be between 60-70 days and if it follows the previous cycle it would not break to the downside until it hit 2065 after 45 days into this cycle or around December 2nd. This would mean we are due for a correction of at least 13% coming in the 3 weeks leading up to Xmas and continuing into the next year.
I am a novice so any comments would be much appreciated.
It seems to have started in May at 1955.9 reaching a high on July 23, a low on August 8th, highs again in September with the low in Mid-October.
If so it should confirm by reaching a new high between 2055 and 2075 at the latest in Early December and correct to somewhere below 1820 to 1770. If it breaks that it could go much lower.
The beginning of the triangle to it's first correction that touched the 200 day MA was ~60 days. The second cycle of lo-hi-lo was 69 days. That could mean the third lo-hi-lo cycle could be between 60-70 days and if it follows the previous cycle it would not break to the downside until it hit 2065 after 45 days into this cycle or around December 2nd. This would mean we are due for a correction of at least 13% coming in the 3 weeks leading up to Xmas and continuing into the next year.
I am a novice so any comments would be much appreciated.
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.