S&P500 Short-term correction about to start.It appears that the Diverging Channel Up we spoke of last week eventually prevailed and the S&P500 index (SPX) is printing a Higher High formation similar to December 01 - 13. The pattern that carries this top formation is a Cup, which is now trading around the 4H MA50 (blue trend-line).
Based on the December fractal, the first target is the 4H MA200 (orange trend-line). A break below Support Zone 1 will extend our selling towards Support Zone 2, where near the bottom of the Channel Up we will place our long-term buys.
See how the 1D MACD Bearish Cross as well as the Lower Highs formation on the 1D RSI, also match those of the December peak.
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