SPX sets up bearish. Inverted roof or pennant w/price targets
The SPX is clearly bearish, I couldn't imagine any decent technician argue otherwise. We're in a clear downtrend. We moved down and then formed this area of considation (on chart as small triangle.) This is a classic bear penant setup, but I've also left the possibility that this is an inverted roof.
The red lines are shorting targets.
The primary price targets are the target using the inverted roof calc, the other if this is a bear pennant.
If this is a bear penant then the shorting target (Traditionally calculated) is really quite low.
The other price targets are just past areas of support/resistance (no chart pattern involved).
I really don't see a bullish scenario here on the chart.
The red lines are shorting targets.
The primary price targets are the target using the inverted roof calc, the other if this is a bear pennant.
If this is a bear penant then the shorting target (Traditionally calculated) is really quite low.
The other price targets are just past areas of support/resistance (no chart pattern involved).
I really don't see a bullish scenario here on the chart.