The Rising Wedge pattern seen on the Daily SPX appears to have completed, with SPX ripping through the pattern's support line to close the U.S. cash session on 17th July 2019 back below 3,000.
The recent price surge above 3,000 psychological resistance is looking more and more like a blow-off top (in the shorter term, at least, for now) and reversal.
The degree to which this portends a larger move down, and by how much, should be more clear after observing price action at the support levels immediately below.
The recent price surge above 3,000 psychological resistance is looking more and more like a blow-off top (in the shorter term, at least, for now) and reversal.
The degree to which this portends a larger move down, and by how much, should be more clear after observing price action at the support levels immediately below.