S&P 500 rising wedge & touching decade resistance - Correction?

29 באוג׳ 2020

S&P 500 in clear rising wedge pattern, which is a bearish reversal (see other examples in last few years). In addition, the S&P is just a hair under the major resistance trend line that S&P has not broken since 2011! I know the FOMO is strong, but all signs are pointing to a correction next week. I have also noted all of the other major FOMO instances recently. All have ended in a correction. The RSI is also is way into the overbought range. How big it will be is hard to know. I have indicated the most likely spot in the short term (3000 range). Will it correct more or move back to the upside, I have no idea.

I have been wrong on about every other time with the S&P. Maybe I am due to get one right or maybe more wrong?

Hope this helps.