SPX Bear Flag
Updated
The chart is pretty self explanatory for those familiar with this pattern, but allow me to explain.
I am basing the channel on the last big movement's high and low. I connect the channel based on the pullback with the ending coordinates at 4:00AM 12/11. We are seeing lower lows and lower highs, I would like to see price break out higher since I am bullish on SPX. If price continues lower we may see another big movement down.
Please let me know what you think about this chart, I got the indicator from LuxAlgo.
![Trend Regularity Adaptive Moving Average [LuxAlgo]](https://s3.tradingview.com/p/p8wGCPi6_mid.png)
Thanks for reading my idea!
-Beans
I am basing the channel on the last big movement's high and low. I connect the channel based on the pullback with the ending coordinates at 4:00AM 12/11. We are seeing lower lows and lower highs, I would like to see price break out higher since I am bullish on SPX. If price continues lower we may see another big movement down.
Please let me know what you think about this chart, I got the indicator from LuxAlgo.
Thanks for reading my idea!
-Beans
Note
Bear flag pattern followed, big bullish pullback at market open. We'll most likely push higher since there is huge support on 200MA.
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