It’s possible that this correction is really a major top on the S&P500. Confirmation of the reversal to downtrend would seem to follow from a breakout through lower uptrend channel line. On the other hand, a breakout through the upper downtrend line would suggest a continuation of the uptrend.
The expanding pattern of the Diamond at the current peak of the trend, as well as the MACD, EMA cross downwards all seem to make a stronger case for a bearish outcome.
*Forgot to change the weekly EMAs to daily in the previous post.
The expanding pattern of the Diamond at the current peak of the trend, as well as the MACD, EMA cross downwards all seem to make a stronger case for a bearish outcome.
*Forgot to change the weekly EMAs to daily in the previous post.