S&P Short term correction
Updated
The S&P is now continuously making all time high in its freshest burst of price discovery. This is more of a speculative trading pattern, a rising wedge which indicates there could a break down to 2950, and maybe down to 2750 support.
However, in strong markets, what tends to happen is price breaks out upwards out of a rising wedge. This would indicate serious strength in the market, and suggest price discovery isn't ready to slow down yet.
However, in strong markets, what tends to happen is price breaks out upwards out of a rising wedge. This would indicate serious strength in the market, and suggest price discovery isn't ready to slow down yet.
Note
2.5% drop from the top trend line so far. Expect to see further dropsNote
First target of 2950 hit after Trump plans to impose further Tariffs on Chinese goods.Note
Bottomed at 2770, 70 points from our main target at 2700, but a significant drop, and a good move caught perfectly.The VIX is below 22.5, a key level, and slowly dropping back down which indicates this move could be bottoming out and we won't see another flash drop.
Note
VIX has sustained a very high level for the last week. I expect a further drop to 2750 and if that doesn't hold, much lower.
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