SPX500
As we looked at, this wedge shaped fractal looked very weak as soon as it started to grind upward from the second bounce.
Now it has slumped down below the lower wedge trendline and that is quite a bearish look down there.
From here there will be a lot of resistance above and its now unlikely that it can reach the upper trendline again without first capitulating.
It will probably either have a weak bounce and perhaps tap liquidity inside the wedge above the lower trendline.
Or it could be already in a strong downtrend already and just continue down.
If it bounces I'll be adding to my short positions.
Not advice
As we looked at, this wedge shaped fractal looked very weak as soon as it started to grind upward from the second bounce.
Now it has slumped down below the lower wedge trendline and that is quite a bearish look down there.
From here there will be a lot of resistance above and its now unlikely that it can reach the upper trendline again without first capitulating.
It will probably either have a weak bounce and perhaps tap liquidity inside the wedge above the lower trendline.
Or it could be already in a strong downtrend already and just continue down.
If it bounces I'll be adding to my short positions.
Not advice
I'm somewhat quiet on TView for now but you can find me pumping content every day in my Telegram Trading Group 🧐
Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
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Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
Indexes have had a hard bounce as unemployment result arrived and that has left a big gap as regular trading hours opened.
SPX is now hitting the 50 day MA and I had set that as an approximate topping target earlier.
Distribution resistance is just above and so there are plenty of shakeout opportunities for market movers in this area.
I will be looking to add more shorts when resistance is hit.
That gap will most likely get filled 🤨.