[SPX] I Don't Trust This Island Reversal Breakout Setup...
Updated
Bear case on thin ice but not invalidated yet.
A breakout over a 1M H&S Right Shoulder that takes the form of an Island Reversal by EOD while crossing over and closing under the ATH isn't a strong breakout confirm. Looks a lot more like a False Breakout here. On the other hand, momentum does look strong so could just be a technicality but need tomorrow's data to confirm. Proceed with caution.
Bear case likely requires yields to spike or oil to tank.
1W ATH close tomorrow may seal the Bull case and next up leg.
Anything short of that is still bearish.
Stock Market Championship Game
Chicago Bears vs. Chicago Bulls
3/12/2021
A breakout over a 1M H&S Right Shoulder that takes the form of an Island Reversal by EOD while crossing over and closing under the ATH isn't a strong breakout confirm. Looks a lot more like a False Breakout here. On the other hand, momentum does look strong so could just be a technicality but need tomorrow's data to confirm. Proceed with caution.
Bear case likely requires yields to spike or oil to tank.
1W ATH close tomorrow may seal the Bull case and next up leg.
Anything short of that is still bearish.
Stock Market Championship Game
Chicago Bears vs. Chicago Bulls
3/12/2021
Note
Momentum starting to tank a bit...Note
Bit more weakness, broke through SMA 55 but not dipping down much...Note
Playin out nicely so far...Note
Island Reversal over Right Shoulder on the verge of completion...Note
Struggling to get back over the 1.5Y Peak Channel...Note
Today we formed a very flat RW that is reaching it's final destination shortly...Note
This Box fractal should be useful Monday...
Data analyst with a passion for best fit lines B)
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