Timing the market is quite a difficult task, and in predicting tops and fully committing to a bearish trade one must be cautious with their entry and analyze the possibility of different patterns playing out on multiple time-frames. Thus the subjective nature of trading is inherently flawed to push individuals on a majority-biased position with the help of the media and miss-information on technical analysis
What is playing out on the SPX on the weekly appears to be a bearish three drive pattern that is sort of like an extremely stretched pennant that has a peak that will either break upwards or down with force,
However, the SPX now has more bearish stacked positions and the market makers/institutions will attempt to screw them by running their stops to $3020 one last time in the upcoming months before completely demolishing the bulls and actually start plummeting. Not just a 3% drop in a week.
The trade here is a potential short term long entry and ride it to $3020 before converting full on short and analyzing the 1.618 extension down to $2200
What is playing out on the SPX on the weekly appears to be a bearish three drive pattern that is sort of like an extremely stretched pennant that has a peak that will either break upwards or down with force,
However, the SPX now has more bearish stacked positions and the market makers/institutions will attempt to screw them by running their stops to $3020 one last time in the upcoming months before completely demolishing the bulls and actually start plummeting. Not just a 3% drop in a week.
The trade here is a potential short term long entry and ride it to $3020 before converting full on short and analyzing the 1.618 extension down to $2200
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Trying to determine if it will play out, or just retesting s/r flip