SP500 has finally broken down the head and shoulders pattern I discussed in the previous idea
, and now it's facing some resistance from a trend line descending since last Aug. Here I see two scenarios:
scenario-1: opening in a gap without under the trend line, but it has to face the demand zone @3771. Then it might shoot up to retest the neckline of the broken head and shoulders pattern and grab some liquidity to dive again all the way to 3655
scenario-2: the price will react to the trend line and go up to meet the neckline of the broken head and shoulders pattern and grab some liquidity to dive again all the way to 3655.
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scenario-1: opening in a gap without under the trend line, but it has to face the demand zone @3771. Then it might shoot up to retest the neckline of the broken head and shoulders pattern and grab some liquidity to dive again all the way to 3655
scenario-2: the price will react to the trend line and go up to meet the neckline of the broken head and shoulders pattern and grab some liquidity to dive again all the way to 3655.
-------------------
Let us know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
