Indices

SPX Weekly Rising Wedge + Bear divergence

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Welcome back boys and girls,

Today, we will be taking a quick look at SPX and how I expect it to behave over the next weeks/months.

As you can clearly see, we do have a slow rising wedge , which was recently re-confirmed again after the most recent decline.


A rising wedge is a very simple and clear structure, we want to see bearish signs within it, to be sure that it will break down.


Taking a look at the RSI , we already see a decline there, this is a very clear and obvious bearish divergence.


Looking back, we do see the same bearish divergence structure last year as well, right before the big dump.


Will this time be different? I don’t think so.

Looking at this from a very technical position, not including any fundamentals, I see how SPX would be hitting the green box towards the end of the year, while it might make quick stops at the key-levels on the way there.

Let me know what you think in the comments and if there are any fundamentals supporting this. I am a Cryptocurrency Trader and do not follow fundamentals here. Yet, i had to post this, since the technical view is very clear on this one.


Leave a like and follow me on twitter!

Best regards,


TJ

Risky long trade Setup in Overstock.

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