Technically the right-shoulder rejecting the blue dotted line will be the 4-th valid rejection, however what's worth pointing out is the 'head and shoulder' which is a bearish reversal pattern. With American servers offline tomorrow, it will be interesting to see the ability for bids to make its way and break $2973, which I doubt will happen and will remain bearish until it does.
I' ve been in trading for 20 years, I can tell you that yours is good analysis. Thank you for posting.........i will follow you daily
TayFx
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@gard77, thanks for the support, and I will continue to post daily. Simple, but effective. I try to never post a chart that is nonsense
gard77
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looking at the pattern there's now a gap filled and in my opinion a 3112 upside target to reach. May will end skyrocketing possibly tomorrow and friday maybe it will turn down and let's hope that june give us a correction
gard77
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Taylor a last thing, are you expecting this pumping action by the fed that is pushing the spx higher to end quite soon or do you have a possible higher level for the spx to watch for a bearish reversal launching the spx to a level lower than february's low ? thanks in advance for any answer
TayFx
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@gard77, let's watch the current futures contracts/ us500 for any break above 3k, and once we approach maybe 0900-10:00 UTC if the divergence begins to resist and head back below 3k, we can assume the gap down from the actual american market will follow, giving nice RR for any derivatives that present arbitrage
gard77
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@TayFx, thanks.....nice to read your comments, there's a lot of experience in them
@TayFx, mine too......I can' t stay away from the stock market
TayFx
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2k atleast for a first downside for the SPX, in my opinion @gard77, I will link a great fundamental metric here. This would imply a $500 sp500 📉
gard77
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thank you taylor for your comments, you know I trade stocks of the italian stock index ftsemib and some of the german stock index dax. I' m a position trader and i can' t trade those stocks i mentioned if I don' t know what the spx is going to do because europe follows america