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KennySniper

S&P500 to have a strong drop soon?

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
KennySniper Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns Technical Indicators S&P 500 (SPX500) Bearish Patterns bearmarket Stocks tradesignals tradecall nasdaq Rising Wedge hvf
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trendanalysis chartpattern indicator spx500 bearish bearmarket stocks tradesignals tradecall nasdaq risingwedge hvf
Strong rising wedge for the S&P. Could this take a healthy fall back down...RSI implies it is overbought

Also we had a parabolic move up from the lows of December/Jan...with no real healthy moves down for a recovery period on the way back up

Hypothesis: price reaches near ATH to fail at resistant levels. If it price proves to move back down, I think it could make a W shaped pattern before a move back up or complete a right shoulder for a inverse head and shoulders pattern.

Trade active:
The S&P has now fallen out of the rising wedge and has accomplished target 1
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