S&P 500 . Down ward continuation or trend reversal?
Updated
SPX has made a series of lower highs and lower lows inside a down going channel since starting it's decline from ATH !
We had a strong bounce back after start of war in Ukraine which can be called ((Buy the invasion )) !. Why such a strong bounce back? I guess investors thought FED will be less aggressive after this crisis and they found a reason to flow the money into the market.
Is this rally going to continue? Lets follow the market. To me, making a higher high above the shown key resistance is necessary to make sure trend has been reversed. Making a new low confirms the terrifying possible bearish Head and Shoulder pattern. I suggest setting stop loss carefully and sticking to it if you are going to open a position or have already opened.
Best Wishes.
We had a strong bounce back after start of war in Ukraine which can be called ((Buy the invasion )) !. Why such a strong bounce back? I guess investors thought FED will be less aggressive after this crisis and they found a reason to flow the money into the market.
Is this rally going to continue? Lets follow the market. To me, making a higher high above the shown key resistance is necessary to make sure trend has been reversed. Making a new low confirms the terrifying possible bearish Head and Shoulder pattern. I suggest setting stop loss carefully and sticking to it if you are going to open a position or have already opened.
Best Wishes.
Note
SPX rejected strongly from shown key resistance !Note
This is why I called the horizontal shown red line a key resistance !Note
Now, We have a new low after rejection from shown strong key resitsance !Note
Now, we have a major low, Time proved that we were on the right path. Congrats my great followers.
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