S&P 500 IndexLong
Expect the unexpected
Updated
SPX500 is now locked in a weekly ascending wedge pattern, which is bearish. So, you see there are 2 normal corrections, following the green arrows as the price touches the upper channel and retreat.
However, a remote possibility could be a breakout of the channel and continue to charge higher, creating a false breakout and then plunge down heavier than the normal pull back. See the black and red arrow.
We should see how it play out this week. I have taken some profits, adjusted my SL and prepare to buy more at a lower price later.
However, a remote possibility could be a breakout of the channel and continue to charge higher, creating a false breakout and then plunge down heavier than the normal pull back. See the black and red arrow.
We should see how it play out this week. I have taken some profits, adjusted my SL and prepare to buy more at a lower price later.
Note
It is still going up but the fear of buying at such a high price holds many back as they are aware of an impending correction but don't know how severe it would be. And should they wait and buy later or miss the opportunity that it will go higher ?Many are caught in such catch 22 positions not only in SPX500 but also their career, relationship, health, etc. They hesitate , overanalyse things and fail to take actions for fear of the worst things might happen to them. In short, they do not want to take responsibility of the consequences.
But in life, in whatever you do, be it crossing the road, asking for a raise or deciding to buy a stock or index involves an action and comes packaged with a consequence. When you pick up one end of the stick, you got the other , no two way about it.
Learning to recognise risk, handle risk in right dosage is crucial and is one life lessons that we have to experience it ourselves. So, be bold.
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