I noticed this broadening wedge/megaphone pattern that's developed. I'm not sure if the time frame is appropriate for this pattern, but this is considered a bullish pattern. Before it continues we may see a drop of the SPX500 down to about 1955, indicated with the red arrow.
I'm not convinced this is exactly what will happen. We could certainly break through support and see a market capitulation, perhaps. My guess is that we won't, but the Fed can't print us out of this one so we might, yet.
Either way I see at least a bounce at a lower level in the future right where the lower green trendline of the megaphone and the long-term support indicated by the blue trendline converge.
What do you think?
I'm not convinced this is exactly what will happen. We could certainly break through support and see a market capitulation, perhaps. My guess is that we won't, but the Fed can't print us out of this one so we might, yet.
Either way I see at least a bounce at a lower level in the future right where the lower green trendline of the megaphone and the long-term support indicated by the blue trendline converge.
What do you think?
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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.