S&P 500 Monthly: 3 possible projections higher?
Updated
60 Minute chart (not shown): Consecutive 60 minute closes above the upper boundary of a Pennant pattern that has formed could project up to ~ 3203.
Daily chart (not shown): - Previously depicted 'Consolidation Channel' pattern has re-generated another projection up to ~ 3377 after the first projection was negated with following consecutive closes back inside the pattern.
- A recently formed 'Flag' pattern from the June 7th recovery high could generate a projection up to ~ 3400 with consecutive Daily closes above its upper boundary.
However, a possible fly-in-the-ointment is the 5 waves down on the Daily chart from the June 7th recovery high which suggests that the current move back up from the June 14th low is forming a minor 'a-b-c' countertrend move with the 'b' pullback possibly completing here now with another minor push up in a 'c' to complete the countertrend move before another 5 waves down to complete a corrective move down from the June 7th recovery high.
Or ... the first 5 waves down from the June 7th marked the start (i.e., 1st wave down) of a larger '1-5' count with
the larger 'b' on the Monthly chart having completed this month already.
Hmm ... three potential bullish pattern projections, what could go wrong ... ?
- Perhaps a 25% short/hedge position at 3203 with a stop just above the June 7th recovery high of 3233.13 might be worth a shot ...
Daily chart (not shown): - Previously depicted 'Consolidation Channel' pattern has re-generated another projection up to ~ 3377 after the first projection was negated with following consecutive closes back inside the pattern.
- A recently formed 'Flag' pattern from the June 7th recovery high could generate a projection up to ~ 3400 with consecutive Daily closes above its upper boundary.
However, a possible fly-in-the-ointment is the 5 waves down on the Daily chart from the June 7th recovery high which suggests that the current move back up from the June 14th low is forming a minor 'a-b-c' countertrend move with the 'b' pullback possibly completing here now with another minor push up in a 'c' to complete the countertrend move before another 5 waves down to complete a corrective move down from the June 7th recovery high.
Or ... the first 5 waves down from the June 7th marked the start (i.e., 1st wave down) of a larger '1-5' count with
the larger 'b' on the Monthly chart having completed this month already.
Hmm ... three potential bullish pattern projections, what could go wrong ... ?
- Perhaps a 25% short/hedge position at 3203 with a stop just above the June 7th recovery high of 3233.13 might be worth a shot ...
Note
Higher 'Pennant' projection negated with consecutive 60 min closes back below its original upper boundary.Possible 'Flag' or 'Consolidation Channel' now forming with a potential upside projection to be generated to ~3235.50 on consecutive 60 min. closes above the new upper boundary (~3157.50)
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