S&P500 major rising wedge about to break to the downside.
Updated
Congrats to all who acted on my last post about the 3rd rising wedge about to break in April and see a 5-7% retracement.
The rising wedge shown here has a lot more downside potential. This can probably break down today or next week at the latest.
Good luck!
The rising wedge shown here has a lot more downside potential. This can probably break down today or next week at the latest.
Good luck!
Note
Quick update. Still short here. Expecting breakdown next week. Too much resistance around 2930 to see any more upside from here. Unless we get very positively significant news (e.g. real trade deal with China, OPEC production cut, COVID-19 cure)Note
Update: Exited my short today at 2890. Way too early, don't know what was wrong with me. I got a bit too emotional about breaking even on my puts. Still made 5% on this trade. Looking to re-enter on a gap up if I get a chance. I think we can easily drop 5-10% from here.
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