There is a perfect inverse Head an Shoulders pattern developing in the S&P500 daily chart. Everybody sees it. This could become a textbook example, that people will be talking about for many years.
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If this gets triggered by signifcantly breaching the neckline to the upside, it means S&P500 > 3000. It is actually that simple.
But first it needs to be triggered... Stay tuned...
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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DISCLAIMER: This post / analysis serves general information purposes only. I am not a financial adviser. The material in this post does not constitute any trading advice of any kind. This is just the way I see the charts and what my trading ideas are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is entirely at your own risk. I am not responsible for any of your losses. By reading this post you acknowledge and agree that you will never hold me liable for any of your losses.
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Nice pattern... (and GIF) :-)
If an upside trigger occurs, key support going forward would be the neckline...
Trade above the neckline post-breakout lends hope to reaching the upside measured target, while trade beneath diminishes such prospects...
Naturally, the pattern fails if new marginal lows occur prior to the measured upside price target electing...
Good luck with this interesting bullish trade set-up all!
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Hope you are right!
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Haha, how is this even possible? :)
The depression everbody has been predicting for years now keeps eluding us and the stock market keeps growing and growing.
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