SPX Monthly and Daily Timeframe Price Action Update
Updated
A while ago i uploaded a Monthly logscale Parallel Channel chart that showed that it reached the top. Today i am here to update the plotting of that channel and to provide a secondary more immediate view of price action on a lower Timeframe (The Daily) in the form of a rising wedge at the PCZ of a Bearish Deep Crab pattern as we're at the potential reversal point for both right now.
I think the SPX will have a hard time breaking above the zone i have shaded in the red and could see a 15-30%+ correction towards the bottom of the channel from here.
I have been buying volatility ETFs such as UVXY and VXX to cover myself in the case that we do experience this massive drop.
I think the SPX will have a hard time breaking above the zone i have shaded in the red and could see a 15-30%+ correction towards the bottom of the channel from here.
I have been buying volatility ETFs such as UVXY and VXX to cover myself in the case that we do experience this massive drop.
Comment
The 1.618 PCZ and the upper trendline of the wedge has just been officially hit!I will be expecting some reactive volatile Price action today.
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