SPX head and shoulders possibly complete - Larger C may be next
Looking at the futures charts today and I wanted to convey my thoughts for the week and also what I think may be coming for the next few months. There are a few other charts I've been talking about which seem to point to this idea as well (IWM, SOXX, XLF). A further bounce back up would not change this idea but getting over the summer's high would invalidate it for sure.
Good luck!
Good luck!
Note
futures opened at resistance. Note
they broke above resistance this morning. Could be a false break - in which case it drops before or after open, or they are going to test the previous high. Note
so far they are having trouble at the .618 fib, doesn't mean anything yet. A break back under the channel would mean something. Note
no breakdown yet, rsi could keep pushing up into tomorrow which means a test of the previous high. Note
right now IWM does not look like it will go higher. Note
good morning, no change overnight. If they get under the lower blue trendline it would be more bearish. Upper blue trendline could still be a target first however. Note
red trendline seems valid, but they could keep retesting it higher. Note
this count looks good to me, but we have to see a reversal this morning. Red trendline was adjusted, this looks better. Note
upper trendline of channel about to get reached. they are taking time filling out the head and shoulders Note
overall, this is the larger picture still Note
spx now over it's 18day ma, a close above is bullish. Note
we're now approaching a heavy resistance zone (4490-4500). Note
ramp up into the end of the day, I'm still bearish fwiw. Tomorrow GDP before market opens. Note
.618 fib is 4505 on cash, could extend to 4515 (.658). Over that and it will start looking worse for bears. Note
correction is mature, but no idea if it's finished. Above 4535 and they will likely touch the high or get higher. Note
they are likely going to push it up into the close to 4530 Note
Good morning, 5th wave (if correct) to 4535 was this morning. This looks finished right now, wait for confirmation (Under 4500 and no higher high on the bounce) Note
SOXX back to channel resistance. Note
we're getting a reaction, but nothing is confirmed until we start breaking 4500 and holding under it. Note
this is currently what I'm watching, no idea if this holds or not yet. Tomorrow should be more telling, see you then. Note
nasdaq daily. Note
we can't say it's a head and shoulders anymore, although rty still looks like one. I still believe this is an ABC with the C upward move ending soon. It's been a surprising move up, unfortunately I didn't see it. Note
today, September 1 should be inflows of hedge funds etc, So I expect the move higher will continue today.Note
up to 4550 at least, then we'll see this area was support before, so it "should" be a resistance area on SPX Note
difficult to say if it goes higher, some charts are at strong resistance, some aren't. Note
this still could be 4 with a 5th wave next week. RSI is kinda low on mid time frames at this point. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.