Upon inspection of the SPX daily chart we can visualize the possible formation of a H & S pattern in the working. Using various S & R areas and a snapshot of the left side on daily, we draw out a possible path - pattern scenario. If this scenario plays out we would have a nice short play to bet on. Until this fully forms I would think we can expect more chop on the way. With that said (Be Careful) is the phrase of the week. I will also add in ( To stay on top as a trader avoid the chop!) .
I will post more on this as it develops. In the mean time best of luck in all your trades.
I will post more on this as it develops. In the mean time best of luck in all your trades.
Comment:
The bull has broken through the gate! 4187 has been taken out so more upside is very likely proving this pattern to be a bullish continuation pattern NOT a H&S.
Still we could have a nice move up so, I no longer sit on the sidelines. A long position is where I stand at the moment until any weakness appears . For now the inverse H&S pattern on the monthly is playing out.
Bigger TF charts are your best bet to determine direction and avoid volatility chops. Stay calm, stay focused , pay attention to the higher TF's and avoid getting your head handed to you just because you THINK the market should be doing something when in fact it's job is to trick-trap-fool. Best of luck in all your trades.
Cheers!
Still we could have a nice move up so, I no longer sit on the sidelines. A long position is where I stand at the moment until any weakness appears . For now the inverse H&S pattern on the monthly is playing out.
Bigger TF charts are your best bet to determine direction and avoid volatility chops. Stay calm, stay focused , pay attention to the higher TF's and avoid getting your head handed to you just because you THINK the market should be doing something when in fact it's job is to trick-trap-fool. Best of luck in all your trades.
Cheers!
Comment:
Sorry, I forgot to post upside targets. My bad! Too much in a hurry!
Upside target area is from 4246.9 to 4259.8
Hope that helps. Trade safe. Always have a exit plan. At the end of the day the market is the one who is right.
Upside target area is from 4246.9 to 4259.8
Hope that helps. Trade safe. Always have a exit plan. At the end of the day the market is the one who is right.
Comment:
4259.8 Target has been hit.
I bet most of you didn't think that would ever happen eh? Lol! Well, it did. Market is always going to trick the inexperienced. Hope you are all making profits in this world of trading.
Until my next post, trade safe and trade smart. Cheers!
I bet most of you didn't think that would ever happen eh? Lol! Well, it did. Market is always going to trick the inexperienced. Hope you are all making profits in this world of trading.
Until my next post, trade safe and trade smart. Cheers!
If price breaks up past the head all bets are off on this being a bearish H&S. A break above the head would indicate this was a bullish continuation pattern and we would expect a bullish trend to follow, solidifying the inverted H&S pattern seen on the Monthly chart.
Stay tuned for more to follow in the next few days and be careful with your trades.