[SPX] Price Rejected by 5Y Trend Channel Top... Nailed It! B)
These lines haven't moved for months ;).
In last post I noted the long opp in the 2M peak downtrend channel (white), it got in and made for a good play.
But this is likely the peak with price over that channel.
The 5Y trend channel top is too strong and 2Y peak downtrend (light blue) just crossed under, which I noted some time ago would likely add additional downward pressure.
Maybe we get to the blue lines (2Y peak channel) and hit a technical crash but that is increasingly unlikely given the additional 2M peak downtrend pressure.
Over those channels gravity is increasingly more difficult to overcome.
In last post I noted the long opp in the 2M peak downtrend channel (white), it got in and made for a good play.
But this is likely the peak with price over that channel.
The 5Y trend channel top is too strong and 2Y peak downtrend (light blue) just crossed under, which I noted some time ago would likely add additional downward pressure.
Maybe we get to the blue lines (2Y peak channel) and hit a technical crash but that is increasingly unlikely given the additional 2M peak downtrend pressure.
Over those channels gravity is increasingly more difficult to overcome.
Data analyst with a passion for best fit lines B)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.