Island topping formation in SPX?

7 lug 2023

Do we have a island top formation on the 4hr? Seems to look that way and if we break below the 4385.05 area then you can put some money on that we head down to the next support area I marked on the chart.

More on this as she plays out.
Best of luck in all your trades.

7 lug 2023

Nota

As Friday trades, one can see we closed the gap on the 4hr. This would mean a "cancelling out" of the island taking away some certainty of a downward move.

Nothing is over until it's over but some of the excitement is gone as the balloon deflates.

A break below 4385.05 along with a retest is the safest way to trade this one.

Trade smart. Trade with certainty. Best of luck until next time.

Cheers!

2 ago 2023

Nota

Looks like we still have a possible island top formation on the 4hr today unless the gap gets filled.

Some time has passed since my first post and since then the previous gap was filled cancelling out the possibility but now another gap formed opening up the possibility again.

My thoughts are that this could very likely be the real deal this time based on the new month of Aug and seasonally that is a bearish to choppy month. Only time will tell if this plays out . My downward target stays the same from my first post.

Until this gap was to fill I can't see why we wouldn't be able to reach the target.

More on this at a later time. In the meantime trade with caution and pay attention to the hourly chart to monitor this trade.