SPX was set up to make a move, and make a move it did - filling the lower gap first, and breaking it's second upward channel. I'm looking towards 2792 to take some profits, and keeping a close eye from there. A solid bouncing lower high there could set up to fill the gap remaining above. However, a trip back down to, and subsequent bounce from the ~2720 level could set up the nastiest head and shoulder pattern ever.
To be clear, both outcomes could come from either lower test, but I'm not gonna lie, seeing that huge head and shoulders would be a thing of beauty.
If you're gonna play the long end of this low, be prepared to get out of the position.
To be clear, both outcomes could come from either lower test, but I'm not gonna lie, seeing that huge head and shoulders would be a thing of beauty.
If you're gonna play the long end of this low, be prepared to get out of the position.
