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S&P500 daily- Ascending Broadening Wedge. S&P500 daily- Ascending Broadening Wedge- ABW (with three contact points on either side of the ABW). ABW tend to not appear during bear markets, most often seen in bull markets with downward breakouts. Breakout is 52% of the times downwards. Also, two other critcal points- 1) The Fib retracement 61.8% seems to soon be either support of resistance. 2) 3000 on the SP500 is the 200-day moving average. 'A flat 200-day Moving average is King' Oliver Velez. The 200-day SMA is now flat. Being above consistently is bullish. Soon, we will all know, whether this a durable bull breakout or a flop.
SP:SPX
by platinum_growth
S&P500- Unlikely to be a Double Top reversal pattern.Look at past S&P500 'classic' Double Top reversal formations (double equal height arrows). Current price breakout is unlikely to complete into a Double Top reversal formation, since the second peak (green arrow)is significantly higher than the first peak. Double Tops A double top forms when the price makes a high within an uptrend, and then pulls back. On the next rally the price peaks near the prior high, and then falls below the pullback low. It's called a double top because the price peaked in the same area twice, unable to move above that resistance area.
SP:SPXLong
by platinum_growth