THERE ARE TWO COUNTS SHOWN IN THE CHARTS SHOWING THE PROGRESS OF WAVE C
IN BOTH CASES S&P 500 SHOULD CORRECT WITHOUT BREAKING MUCH ABOVE 3750.
THE BLACK COUNTS ARE FOR A TERMINAL IMPULSE OR AN ENDING DIAGONAL AND
THE RED COUNTS ARE FOR A TRENDING IMPULSE IN WAVE C.
Keep the eyes open for next week.
Weekly chart closed with an hanging man pattern at the end of a wedge pattern indicating a strong weakness of the price.
When looking at the H4 chart we see an Head and Shoulder pattern set up with the top of the right should formed with a potential double top.
- Wait for double top confirmation on...
Price touched 50% retracement level of the recent crash as well as the upper band of the ascending channel which is a bearish pattern. There is high probability that the price is going to reverse and resume its down trend after breaking the channel support.
N.B, Please note that this is a market study based on my knowledge and experience and not a trade...