SPY Massive Head and shoulders
Updated
Head and shoulder chart patterns have been the most reliable indicators as a top of a market. Over the many such patterns they have proven to be very accurate.
We are now looking at a 5 year chart with a huge very obvious left shoulder - head - and now right shoulder.
To complete this bearish pattern a break below existing area would indicate a 6-12 month drop from this level.
Take maximum protection !!!!!
We are now looking at a 5 year chart with a huge very obvious left shoulder - head - and now right shoulder.
To complete this bearish pattern a break below existing area would indicate a 6-12 month drop from this level.
Take maximum protection !!!!!
Note
The head and shoulder formation was confirmed with new low this week. We still seem more downside 15% from here. Be carefull
Trade active
We are nearing 340 where we can expect a bounce. The technical damage to the chart will prevent and major upward move.Trade closed: target reached
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