SP&500 update
The S&P 500 has two cases.
In the first case, after reaching the weekly supply zone, a weekly bearish pattern emerges and descends to the monthly demand zone. The upside here will be strong as the rebound creates a monthly bullish pattern.
The second pattern is that after reaching the weekly supply zone, the rise continues even if there is a retracement. Weekly uptrend of the weekly bullish pattern. In this case, if the trend turns upward or is corrected, there is a high possibility of a complex W-X-Y correction in which the A-B-C structure occurs three times.
In the first case, after reaching the weekly supply zone, a weekly bearish pattern emerges and descends to the monthly demand zone. The upside here will be strong as the rebound creates a monthly bullish pattern.
The second pattern is that after reaching the weekly supply zone, the rise continues even if there is a retracement. Weekly uptrend of the weekly bullish pattern. In this case, if the trend turns upward or is corrected, there is a high possibility of a complex W-X-Y correction in which the A-B-C structure occurs three times.
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.