Rising Wedge
With the upcoming election, geopolitical tensions, and economic uncertainty, could the current bullish trend turn into something more alarming, like a black swan event? While the chart shows strong bullish momentum, I'm noticing a rising wedge pattern, and the 572 level is critical. If that doesn't hold, the 566 level should act as strong support. However, if that support fails, we could see a significant pullback.
This could happen soon or possibly after the election, as there's a lot of bearish sentiment and short positions in the market.
This could happen soon or possibly after the election, as there's a lot of bearish sentiment and short positions in the market.
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.