Correction ahead?
Technical indicators are pointing towards a possible near term correction.
SP trading within a long term bearish ascending wedge pattern. (purple)
Short term bearish descending triangle forming. (red)
MACD showing bearish convergence. (white)
Shooting star candlestick shows excessive selling pressure.
Odds are in the favour of the bears.
Confirmation would probably be bearish candles through both the support (red) and trend line. (purple)
I'd be trading with caution.
All in my humble opinion
Thanks
SP trading within a long term bearish ascending wedge pattern. (purple)
Short term bearish descending triangle forming. (red)
MACD showing bearish convergence. (white)
Shooting star candlestick shows excessive selling pressure.
Odds are in the favour of the bears.
Confirmation would probably be bearish candles through both the support (red) and trend line. (purple)
I'd be trading with caution.
All in my humble opinion
Thanks
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