The area 2040/2005 is not trivial to break to the downside.
Conversely when it does break (and it probably will), it will significantly crack the bull structure.
There shall be rebounds after that but the market will be unlocked then.
My view is:
- The bold black line shall retain.
- As the consequence, the red dashed line shall be broken in the next few weeks.
- Theoretically, SPX could also stay many weeks beteween 2120 and 2040 but I had the impression 7 weeks was enough already. Let's see.
Conversely when it does break (and it probably will), it will significantly crack the bull structure.
There shall be rebounds after that but the market will be unlocked then.
My view is:
- The bold black line shall retain.
- As the consequence, the red dashed line shall be broken in the next few weeks.
- Theoretically, SPX could also stay many weeks beteween 2120 and 2040 but I had the impression 7 weeks was enough already. Let's see.