S&P 500 TECHNICALS ANALYSIS.
I am looking at a quick minor drop on spx to complete the wave of its current rising wedge.
though from the weekly timeframe it seems to want to complete a double top, judging from a broader view.
surely the spx will drop maybe to respect the short-term reversal pattern {rising wedge} on the 4hr chart. and to retest the 100-MA but only to gain strength to continue the breakout from the recent downtrend.
CONCLUSION; spx i think will drop very heavily. a heavy long term drop. but only after making a double top from the weekly chart. Goodluck!
though from the weekly timeframe it seems to want to complete a double top, judging from a broader view.
surely the spx will drop maybe to respect the short-term reversal pattern {rising wedge} on the 4hr chart. and to retest the 100-MA but only to gain strength to continue the breakout from the recent downtrend.
CONCLUSION; spx i think will drop very heavily. a heavy long term drop. but only after making a double top from the weekly chart. Goodluck!
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