Looking at the SP500 on the weekly view, it is clear to see that there is a downtrend, although I believe this is just the beginning of the drawdown.
We can see that after it reached the high of 4800 in Jan22, it dropped to around 4200 before forming a small series of green candles of recovery. *This is a pattern we have seen multiple times in the past before a market collapse. Please scroll down further*
After this initial 'drop 1' , we enter what I am calling 'drop 2', we have already seen a continued series of red candles which I believe to keep dropping massively - this isn't a hot take by any means, especially with many talking about the UK housing market bubble ready to pop, Putin talking of nuclear weapons, China potentially tipping into a recession from their housing market and finally with us just coming out of Covid.
We can see that after it reached the high of 4800 in Jan22, it dropped to around 4200 before forming a small series of green candles of recovery. *This is a pattern we have seen multiple times in the past before a market collapse. Please scroll down further*
After this initial 'drop 1' , we enter what I am calling 'drop 2', we have already seen a continued series of red candles which I believe to keep dropping massively - this isn't a hot take by any means, especially with many talking about the UK housing market bubble ready to pop, Putin talking of nuclear weapons, China potentially tipping into a recession from their housing market and finally with us just coming out of Covid.
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