The .SPX Pattern!
Hello everyone! Today i want to share some technical analysis with you!
1.
Gap Zone 5940-70: $.SPX(.SPX)$
(1) today's unfilled gap marked two key points, 5940: the 50 DMA; & 5970--50% of retrace;
(2) the market has been very sensitive to 5940 level, jumping up or down over it many times in last two months.
(3) would be PERFECT for bears if it is gapped over tmrw
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2.
Right Shoulder = Left Shoulder at 6020. Higher than my revised target at 5995, but still fit for the H&S pattern, as well as a flat w-b/2. The rebound is most likely over at 6021. The selloff after hitting 6020 signals a new regime coming.
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3.
HIGHER TARGET:
(1) with SPX future jumped over 5960 zone comfortably, the upward target for this rebound has moved to 5996, the 61.8% retrace of the entire decline.
(2) this strong move doesn't change the overall picture of an ongoing larger corrective wave, just to prolong it.
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