On this, the 36th anniversary of the 1987 Stock Market Crash,
an earily similar pattern has developed in the US stock market right now.
Just like in 1987, a bullish summer technical breakout above prior price resistance,
has been followed by a bearish retracement price reversal back towards the breakout point.
This pattern, in it's most bearish interpretation
could ultimately turn into a full blown "overthrow pattern",
if/when price were to break below its " critical support" level identified on the chart
between SPX 4180 and 4170 ( Support Line Shown Here)
Should that support break occur, then there is potential
of a "very rapid" and sudden price descent
labeled by other writers recently as a "stock market crash"
The thought of that possibility has been keeping traders on "edge"overnights,
as there is no way to tell when, or where such a "panic" now could occur.
Memories of the 1987 Crash, where fortunes were lost
still haunt those old enough to remember it.
The mere thought that it could happen again, is enough to spook anyone.
THE_UNWIND
WOODS OF CONNECTICUT
those old enough to remember it.
an earily similar pattern has developed in the US stock market right now.
Just like in 1987, a bullish summer technical breakout above prior price resistance,
has been followed by a bearish retracement price reversal back towards the breakout point.
This pattern, in it's most bearish interpretation
could ultimately turn into a full blown "overthrow pattern",
if/when price were to break below its " critical support" level identified on the chart
between SPX 4180 and 4170 ( Support Line Shown Here)
Should that support break occur, then there is potential
of a "very rapid" and sudden price descent
labeled by other writers recently as a "stock market crash"
The thought of that possibility has been keeping traders on "edge"overnights,
as there is no way to tell when, or where such a "panic" now could occur.
Memories of the 1987 Crash, where fortunes were lost
still haunt those old enough to remember it.
The mere thought that it could happen again, is enough to spook anyone.
THE_UNWIND
WOODS OF CONNECTICUT
those old enough to remember it.
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.
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.