- S & P 500 may be about to break lower as It looks like a Bearish H + S pattern may be forming
- The second shoulder of this pattern formed on the close this previous week, with price closing at a previous
Support level that could now be acting as resistance
- Going into next week we would have to watch for price action around this area
1. If price were to break above this mentioned resistance area this would invalidate the pattern and price could move higher again
2. If we were to see clear Bearish rejection off this level we may see the H + S pattern completed
** However we would still need to see the neckline of this pattern ( BLUE TREND-LINE) broken to confirm further Bearish breakdown
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- The second shoulder of this pattern formed on the close this previous week, with price closing at a previous
Support level that could now be acting as resistance
- Going into next week we would have to watch for price action around this area
1. If price were to break above this mentioned resistance area this would invalidate the pattern and price could move higher again
2. If we were to see clear Bearish rejection off this level we may see the H + S pattern completed
** However we would still need to see the neckline of this pattern ( BLUE TREND-LINE) broken to confirm further Bearish breakdown
THIS IS NOT TRADE ADVICE NOR A TRADE CALL