That's the neckline... a break under that would likely bring deeper red.
Everyone is too busy drooling over SPX 4k to pay any mind to anything else, here's an OG meme treat for you guys: imgflip.com/i/517m5r
This is a textbook H&S pattern with two failed Head Breakouts and it's encompassing 3 other smaller H&S (so far) in addition to a 1M Bear Pennant.
The most salient theory right now is that 4k won't be reached precisely because everyone is expecting it (shout out frodo75 ).
Watch out for false Right Shoulder breakouts, make sure there's strong momo for confirm.
Everything priced in hard right now.
The other view...
![[SPX] There You Go Folks... Gorgeous 2021 TOP Complete!](https://s3.tradingview.com/5/58VG04bH_mid.png)
Everyone is too busy drooling over SPX 4k to pay any mind to anything else, here's an OG meme treat for you guys: imgflip.com/i/517m5r
This is a textbook H&S pattern with two failed Head Breakouts and it's encompassing 3 other smaller H&S (so far) in addition to a 1M Bear Pennant.
The most salient theory right now is that 4k won't be reached precisely because everyone is expecting it (shout out frodo75 ).
Watch out for false Right Shoulder breakouts, make sure there's strong momo for confirm.
Everything priced in hard right now.
The other view...
Note
3rd gap up in a row to keep this rally going right over the yesterday's primary resistance to the top of the 1.5Y Peak Channel.Cash sesh doing pretty great and Conditions improving but I'm still skeptical of the staying power here, if we close tomorrow above 3.9k on the 1W then def could be a strong bullish signal...
Note
3rd gap up in a row to keep this rally going right over yesterday's primary Box fractal resistance exactly to the top of the 1.5Y Peak Channel.Cash sesh doing pretty great and Conditions improving but I'm still cautious until we get a 1W close above 3.9k here...
Note
Yellow is important ATH fractal, still lookin for a test around 3960 at the top red line...Note
Let's see how this new topping fractal plays...Note
Power hour should be interesting...Note
This is the topping fractal to pay attention to for Power Hour...Note
Nice...Note
Bulls need ATH close here to really solidify their case.Note
Here's more detail on how topping fractals can play out, this one was a bit fragmented...Price Action has only exhibited this behavior since the previous Feb 16th Peak.
Previously we were consistently hitting Rising and Falling wedges with no topping patterns at all.
This is a very interesting behavioral shift possibly indicating a runup from here being more measured and cautious than we're used to.
Note
This is still a potential Double Top setup and false Right Shoulder breakout, next week is critical...We're still well within the red lines representing the top of the broader Megaphone pattern here.
Data analyst with a passion for best fit lines B)
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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.
Data analyst with a passion for best fit lines B)
Related publications
Disclaimer
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.