SPX Bear Flag

Dec 10, 2020

The chart is pretty self explanatory for those familiar with this pattern, but allow me to explain.

I am basing the channel on the last big movement's high and low. I connect the channel based on the pullback with the ending coordinates at 4:00AM 12/11. We are seeing lower lows and lower highs, I would like to see price break out higher since I am bullish on SPX. If price continues lower we may see another big movement down.

Please let me know what you think about this chart, I got the indicator from LuxAlgo.

Thanks for reading my idea!
-Beans

Dec 11, 2020

Note

Bear flag pattern followed, big bullish pullback at market open. We'll most likely push higher since there is huge support on 200MA.