Rising Wedge
With the upcoming election, geopolitical tensions, and economic uncertainty, could the current bullish trend turn into something more alarming, like a black swan event? While the chart shows strong bullish momentum, I'm noticing a rising wedge pattern, and the 572 level is critical. If that doesn't hold, the 566 level should act as strong support. However, if that support fails, we could see a significant pullback.
This could happen soon or possibly after the election, as there's a lot of bearish sentiment and short positions in the market.
This could happen soon or possibly after the election, as there's a lot of bearish sentiment and short positions in the market.
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