S&P 500 Index: A Rare Combination Of Harmonic & Classic Patterns

I will analyze the S&P 500 Index on the daily chart only as it is perfect where it is now.
As we can see from the chart, we have a combination of a Harmonic pattern and a Classis pattern.

By connecting the bottoms on 04-May-21 and 01-Oct-21 we create the bottom support line of the upward line.
By connecting the peaks of the waves towards 02-September-20 where there is the first peak, the second peak on 16-April-21, and the third peak on 31-Gush-21 we gain the upper resistance line. With this, we also benefit a perfect channel.

Now, at the top of our structure, the price complemented a “Bear Crab”.
The D leg of the pattern also fits perfectly with the fourth touch on the resistance trend line.
The upper trend line may work out again by moving the price to 4549 and 4450 corresponding to the channel support line.

Targets:
4549
4450.0

Thank you and Good Luck!

Kommentera:

A better picture

Trade stängt: målet nått:

S&P500 it's very near the turning point. A small decrease in the price movement is expected and we can see the reversal very soon.