Please refer to our last post: 
The S&P could now be gearing up for the run towards our 1.618 extension around $7k.
We just had a confirmed daily candle breakout above our white box which we have been eyeing for so long. This is the first signal of a major ATH breakout rally for the S&P.
However there is only one thing that could potentially hinder this rally. That would be the orange trendline I have drawn. If price gets rejected somewhere along this orange trendline and price falls back below the white box that would signal a few warning signs. The first would be a failed breakout and the second would be a massive bearish divergence forming on the HTF. With higher highs in price but strength continuing to get weaker keep an eye out for that.
So far things just look great, but just wanted to point that out as a potential scenario.
The S&P could now be gearing up for the run towards our 1.618 extension around $7k.
We just had a confirmed daily candle breakout above our white box which we have been eyeing for so long. This is the first signal of a major ATH breakout rally for the S&P.
However there is only one thing that could potentially hinder this rally. That would be the orange trendline I have drawn. If price gets rejected somewhere along this orange trendline and price falls back below the white box that would signal a few warning signs. The first would be a failed breakout and the second would be a massive bearish divergence forming on the HTF. With higher highs in price but strength continuing to get weaker keep an eye out for that.
So far things just look great, but just wanted to point that out as a potential scenario.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.