S&P 500 - Bearish megaphone and rising wedge - Down day?
If I did the patterns correct, then it is a rising wedge inside a bearish megaphone pattern. Also, not that the minor wave has hit is 1.6 fib level, which is another indicator that a correction is coming. The MACD is also so signs of reversal.
הערה:
Completely unexpected jump in NASDAQ pushing S&P 500 higher. The bulls are not ready to throw the towel in yet.
הערה:
It really wanted that 1.382 fib level. All that happened today (so far) is that it raised the resistance level a bit. It is still a bearish rising wedge. I wouldn't rule out an end of the day profit taking drop.
הערה:
small drop today. The NASDAQ made ATH but even that could not get the S&P 500 to ATH. I am still bearish. Market is not going to stop until S&P makes ATH. I bet it gets it done after hours for a morning gap up. Maybe then a rug pull?
הערה:
I meant small profit take at end of day but the gap up was most of the day.
