S&P500 (@ES @MES)
We are currently in an upwards rally in the markets
With a trend fib being pulled from our larger lows we have a coinciding level of the 50% retracement converging with the top line of our rising wedge which is a bearish pattern (depending on how long this march takes we could meet our golden ratio 61.8% at the top of our wedge creating a yearly double top as a possibility also).....this is purely up to how fast we continue to move higher
We must assume price will continue to respect this rising wedge (which is a bearish pattern which breaks to the downside 65%+ of the time)
If we break out to the upside we can see a 61.8% retrace and grab a nice throw over or we have a blast of scenario and we march to new all time highs we must wait and see
But for now i am expecting a pull back once we hit our 50% fib
With a trend fib being pulled from our larger lows we have a coinciding level of the 50% retracement converging with the top line of our rising wedge which is a bearish pattern (depending on how long this march takes we could meet our golden ratio 61.8% at the top of our wedge creating a yearly double top as a possibility also).....this is purely up to how fast we continue to move higher
We must assume price will continue to respect this rising wedge (which is a bearish pattern which breaks to the downside 65%+ of the time)
If we break out to the upside we can see a 61.8% retrace and grab a nice throw over or we have a blast of scenario and we march to new all time highs we must wait and see
But for now i am expecting a pull back once we hit our 50% fib
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