S&P500 [ES] | Bearish Perspective and Key Market Structure ๐
It seems like a lot of people are focused on the bullish wedge and triangle breakouts shown here:
These are both valid bullish patterns but I would like to share an alternative bearish perspective of the market structure that is also valid.
Notice the Key Trendline Pivot. This trendline extends all the way back to the march lows:
A breakout of the Key Trendline can lead to strong selling pressure.
Bearish confirmation with a close below the Key Support ($3530)
Key Support: $3530
Target 1: $3460
Target 2: $3420
Extended Target: $3300
These are both valid bullish patterns but I would like to share an alternative bearish perspective of the market structure that is also valid.
Notice the Key Trendline Pivot. This trendline extends all the way back to the march lows:
A breakout of the Key Trendline can lead to strong selling pressure.
Bearish confirmation with a close below the Key Support ($3530)
Key Support: $3530
Target 1: $3460
Target 2: $3420
Extended Target: $3300
