[SPX] DO or DIE: Power Convergence on BEAR Pennant Tip
Updated
This came to stop exactly to the dot at 3840 on this 1.5Y Peak Channel mid-line fractal that was laid here 6M ago.
And look at Price just touch across the Tip Point line there to test it out.
This is the most critical point on the map right now.
Just overhead we have 3860 with a couple strong fractals.
If it makes it past there, next stop is the neckline around 3900 for a test.
If it passes through, then it'd be trying to test 3920 next.
That being the very strong 1.5Y Peak Channel top fractal means we'd probably work quickly up from there to a Double Top test at 3960, which will have the heaviest resistance of all these points likely leading to a Big Rejection or a Blow Off Top scenario.
Clear rejection at 3900 or lower within the down megaphone structure seems pretty bearish with 3700 5Y Peak Channel bottom being a likely next target with there not being much resistance in the way.
Even with the most bullish Blow Off Top scenario early next week, we could easily crash back into this downtrend in these Conditions.
And look at Price just touch across the Tip Point line there to test it out.
This is the most critical point on the map right now.
Just overhead we have 3860 with a couple strong fractals.
If it makes it past there, next stop is the neckline around 3900 for a test.
If it passes through, then it'd be trying to test 3920 next.
That being the very strong 1.5Y Peak Channel top fractal means we'd probably work quickly up from there to a Double Top test at 3960, which will have the heaviest resistance of all these points likely leading to a Big Rejection or a Blow Off Top scenario.
Clear rejection at 3900 or lower within the down megaphone structure seems pretty bearish with 3700 5Y Peak Channel bottom being a likely next target with there not being much resistance in the way.
Even with the most bullish Blow Off Top scenario early next week, we could easily crash back into this downtrend in these Conditions.
Note
Yea, there's another W...![[SPX] Let's Try Another Map: LONG or SHORT Take Your Pick](https://s3.tradingview.com/4/4VINvrqJ_mid.png)
Note
Watch for another SMA 144 rejection, way overbought here...Note
EMA 186 FTW...Note
15m lookin weak...Note
Lookin a worse now, especially if we get a break below...Note
Uh-oh...Note
The key here will be the next upwave and how high it can get, let's see.Note
Momentum dying from this last upwave, so far it hasn't gotten high enough to threaten a bullish turn...Note
Bounced off the top of the down megaphone up to the down megaphone top extension...Note
Rejected exactly at our top of Down Megaphone extension...Note
Can we stick to the uptrend fractal or will it reject again here?Note
Down Megaphone top, holding back Price...Note
Bear case still strong...Note
New Bear Pennant structure that we already broke under, may go back for retest...Note
Broke under the top of Gold upchannel and collapsed...Note
Still struggling to break past last H&S neckline...Note
Momentum still lookin pretty strong here but Price Action caught...
Data analyst with a passion for best fit lines B)
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