S&P 500 - bearish harmonic pattern

Looking at the chart of S&P 500 we may spot a potential bearish harmonic pattern. This type of formation may be also supported by huge shooting star candlestick pattern. From the technical point of view these types of patterns are bearish once.

As a consequence in the mid-term we would expect a downward movement which may be confirmed by the 3540 potential support breakout. The possible support could be located at the bottom line within the channel.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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