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RizeSenpai

SPX Monthly and Daily Timeframe Price Action Update

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S&P 500 Index (OANDA:SPX500USD)  
RizeSenpai Updated   
OANDA:SPX500USD   S&P 500 Index
Trend Analysis Harmonic Patterns Chart Patterns Bearish Deep Crab Monthly Charts Weekly Charts reversal Rising Wedge PCZ PRZ multitimeframeanalysis
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trendanalysis harmonicpatterns chartpattern bearishdeepcrab monthly weekly reversal risingwedge pcz prz multitimeframeanalysis
A while ago i uploaded a Monthly logscale Parallel Channel chart that showed that it reached the top. Today i am here to update the plotting of that channel and to provide a secondary more immediate view of price action on a lower Timeframe (The Daily) in the form of a rising wedge at the PCZ of a Bearish Deep Crab pattern as we're at the potential reversal point for both right now.

I think the SPX will have a hard time breaking above the zone i have shaded in the red and could see a 15-30%+ correction towards the bottom of the channel from here.

I have been buying volatility ETFs such as UVXY and VXX to cover myself in the case that we do experience this massive drop.
Comment:
The 1.618 PCZ and the upper trendline of the wedge has just been officially hit!
snapshot

I will be expecting some reactive volatile Price action today.

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