Just happened minutes ago, the topping pattern of a High, Low, Lower High, Lower Low, Lower High, and then a Lower Low just completed and then it gave up and did a huge Markdown.
MACD has given an earlier indication of a drop, after pattern completion.
THIS IS a topping pattern, and it is of high probability that the S&P500 topped out.
Now waiting for it to continue the downward momentum and break the trend line support. But not before a rather lame attempt on daily charts next week to recover somewhat and reverse down again.
Watch for it...
MACD has given an earlier indication of a drop, after pattern completion.
THIS IS a topping pattern, and it is of high probability that the S&P500 topped out.
Now waiting for it to continue the downward momentum and break the trend line support. But not before a rather lame attempt on daily charts next week to recover somewhat and reverse down again.
Watch for it...
It would take some effort to close this gap today... else we got a Gap & Run, as well as a Down Friday Down Monday syndrome.
More downsideeeeeee.......