S&P500 gets its pullback? Possible reversal trendlines
- The SPX500 index has had a 9.7% sell off for the past week. Looking back at the chart's history (avoiding recessions) these sells offs usually range from 8% to 12% before they pullback or reverse trends back to bullish.
- - The purple trend lines show relevant prices where there could be a pull back or reversal within the sell of percent range that we've seen before and the green trend line is where im most expecting it to pullback.
- - - Should the price reach the lowest purple trend line, this would be 17% sell off. This would be a nearly identical trend seen recently between December 03, 2019 and December 25, 2019 where price dropped 17.5% before changing to the bullish trend.
IMPORTANT: There are small signs of Divergence between RSI and Price chart but ZERO signs of divergence on the Daily chart. Watch for what Time Frame has the clearer sign of Divergence to know the magnitude of the pullback.
Below is a ling of a my previous Idea on SPX500 showing the type of Clear Divergence.
- - The purple trend lines show relevant prices where there could be a pull back or reversal within the sell of percent range that we've seen before and the green trend line is where im most expecting it to pullback.
- - - Should the price reach the lowest purple trend line, this would be 17% sell off. This would be a nearly identical trend seen recently between December 03, 2019 and December 25, 2019 where price dropped 17.5% before changing to the bullish trend.
IMPORTANT: There are small signs of Divergence between RSI and Price chart but ZERO signs of divergence on the Daily chart. Watch for what Time Frame has the clearer sign of Divergence to know the magnitude of the pullback.
Below is a ling of a my previous Idea on SPX500 showing the type of Clear Divergence.
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