SPX Expanding Triangle. Pivot point (Weekly chart)
Updated
In the weekly chart we observe another touch on the expanding triangle. This is a zoom in and cleaner TA from my previous analysis. I am trading the following scenarios:
1) Short. If this scenario is right, expect considerable retracement, following the direction of the red arrow. For me, it is the most likely scenario right now.
There is very clear bearish RSI divergence on the weekly chart, in an expanding structure.
2) Long. If the expanding triangle is broken to the upside, in the retest of the trendline is time to go long. Be ready, this could very well happen.
Thank you RHTrading for the feedback.
1) Short. If this scenario is right, expect considerable retracement, following the direction of the red arrow. For me, it is the most likely scenario right now.
There is very clear bearish RSI divergence on the weekly chart, in an expanding structure.
2) Long. If the expanding triangle is broken to the upside, in the retest of the trendline is time to go long. Be ready, this could very well happen.
Thank you RHTrading for the feedback.
Note
The Megaphone structure proved to be correct, but the timing wasn't.it was a beautiful retest on 3/Dec.
I would buy again the upper line of the Megaphone if the market decides to reach it in correction, with stop right below.
Now the weekly candle shows another sign of weakness after US strike to Iran.
My plan is to follow the trend and profit from expected volatility incoming.
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