*If* SPX were to move into a correction (and I think that is a big if), one possible pattern and signal would be the double top into head and shoulders pattern.
This would start by breaking 4444 (hypothesis of a wedge and a breakdown of my grind zone) https://www.tradingview.com/x/3EDpmr6p/
Then ultimately a decline to the 4200 long term channel bottom (super strong support) which also happens to be the H&S neckline.
Below 4200 I'd start to believe in the possibility of a true market correction down to the 3500-3600 zone. Coincidentally, that is a 15% correction and pretty close to the 0.5 fib retrace.
This would start by breaking 4444 (hypothesis of a wedge and a breakdown of my grind zone) https://www.tradingview.com/x/3EDpmr6p/
Then ultimately a decline to the 4200 long term channel bottom (super strong support) which also happens to be the H&S neckline.
Below 4200 I'd start to believe in the possibility of a true market correction down to the 3500-3600 zone. Coincidentally, that is a 15% correction and pretty close to the 0.5 fib retrace.
Note
I think it is safe to say this idea was scary accurate. The question now is if bulls can break out of this descending channel again as we continue towards our fib retracement target zone. Will it take 2 weeks or 2 months? Only time will tell...Trade active
Breakout out of channel, right back on top of the channel. Still tracking this down to the 340-350 zone for the final bottom. It's going to take some work to get there so be prepared for some pain.
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❤️ Premium indicator subscription @ Whop includes: Mojo Levels, Manipulation Model, Super Oscillator, VIX Meter, and Volatility Radar
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
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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.