#SPX
When SPX broke out to new all-time highs at the end of 2021 and the beginning of 2022, it left behind support at 4700 – the area of the old highs.
That level is now being broken & I'm assuming Major top done of 2009-2021 Bull Cycle.
SPX looks to reject price on the upper side and are seeing a strong resistance on top. The TDI shows a nice diversion and it seems that we are about to see some correction.
Upper part of an Gramophone Pattern
E 3823
sl 3865
T trail
if the prices start to move down it could crash 50%.
Reason to go Shorts:
Upper part of the big picture Gramophone Pattern
Prices are into Weekly Supply zone
May Form the Head and Shoulder Pattern.
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Head & Shoulder pattern observed in S&P 500 Index. Should the pattern confirm by breaching 2800 on closing basis, one can expect the index to fall towards 2645.
En route 2720 area is a visible support for shorts to be wary of.
