No H&S-Pattern but a W-Pattern

Some days ago, we were looking at a S&P chart where price seemed to be stuck in the mud, just showing a shadow of a H&S-Pattern. This view made sense looking at the fib-level and resistance level. All good......but rather the price exploded and we have a better eye-sight now. We see a W-Pattern, which gives us an extension to 2995 - 3030 /green line). Though, there is a resistance around 3000, but it might be just a break until the ladder gets to the end.

A big question is the timing - i.e. if the chart works out with the news coming in. Until end of May there might be no big hammering, unless president Trump will move the China war forward unexpectedly. June will be risky, because there will be almost no quarterly reporting and people will focus much more on the expected half-year results, which will be desasterous eventually. Expect that by mid June Bears will get into their seats properly.