SPX seems to be showing a setup for a possible bear flag/pennant formation on SPX.
Entry for short will be around 3840. Stop loss roughly 10 usd above.
Schedule for this is today or tomorrow. Either way, should resolve by the weekend if I'm right.
I place the start of the bear flag 4th march at 0330 GMT because the MA's started forming the signature pattern at this point after a crossover to the upside.
Logically, that means we are currently in completion of the 2nd peak, with one more to form with the pattern predicted to resolve before the weekend.
Entry for short will be around 3840. Stop loss roughly 10 usd above.
Schedule for this is today or tomorrow. Either way, should resolve by the weekend if I'm right.
I place the start of the bear flag 4th march at 0330 GMT because the MA's started forming the signature pattern at this point after a crossover to the upside.
Logically, that means we are currently in completion of the 2nd peak, with one more to form with the pattern predicted to resolve before the weekend.
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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.