Pennant / Falling Wedge | Andrew Aponas
It looks like the SPX is rallying in a nice bullish uptrend. The last three days have built some very weak framework for the bears, confirmed by the long legged doji displaying a tremendous amount of buying pressure. To me this suggests that the market is not going to continue bearish but will pivot and reverse. Currently price is at support of the trendline and I expect that if price is going to pivot to continue bullish it will either happen at this level or just below it. Directly above this framework is a key resistance level that will confirm a strong trend if price closes above it and turns it into support. I have also adjusted the Fibonacci retracement tool to create a new target at $2,701.18, about a $71.50 profit target. Ok, I have been hearing a lot of good news for the Christmas rally, and I am hoping for a strong month of December going into the end of Q4. Thank You, God Bless.
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