This is my first published analysis. I would elaborate as much as possible but hope you can get the picture.
The S&P 500 did a double bottom(W) between April 16 2021 to April 23 2021. Then immediately followed by a megaphone channel, and then made a 1-2-3-4 path into a new support at 4061.
Continuing this move, it is followed by a much bigger double bottom pattern (W) formed from around 11th May 2021 and as we can see the megaphone channel is forming(or some sort of consolidation) just as it did previously. So from my observation, we may be expecting another 1-2-3-4 pattern to complete this move once you notice price breaks out of the megaphone channel into support 4128.
Tip: Wait for price to hit major support 4128 for a short buy, then you can sell at around 4240 into into new support 4061.
I hope you will find this useful, still learning but i hope this analysis works for you. Which i assume would be completed by end of the new week. Please use reasonable risk. good luck
The S&P 500 did a double bottom(W) between April 16 2021 to April 23 2021. Then immediately followed by a megaphone channel, and then made a 1-2-3-4 path into a new support at 4061.
Continuing this move, it is followed by a much bigger double bottom pattern (W) formed from around 11th May 2021 and as we can see the megaphone channel is forming(or some sort of consolidation) just as it did previously. So from my observation, we may be expecting another 1-2-3-4 pattern to complete this move once you notice price breaks out of the megaphone channel into support 4128.
Tip: Wait for price to hit major support 4128 for a short buy, then you can sell at around 4240 into into new support 4061.
I hope you will find this useful, still learning but i hope this analysis works for you. Which i assume would be completed by end of the new week. Please use reasonable risk. good luck