S&P500 Weekly Chart Analysis - Will it go against logic?
S&P500 Weekly Chart - Bull Flag
Bull Flag Retracement (See Chart 1)
- Bull Flag from 13 Mar, recent pullback was to Fibonacci 61.8
Bear Flag Retracement (See Chart 2)
- Bear Flag since 3 Mar 2023, current price action has retraced to Fibonacci 78.6 (even breaking above it past week)
S&P500 Weekly Chart - Bear flag
What does it mean?
- A support at 61.8 for bull flag does show a somewhat bullish outcome given the strength it bounce off
- A prolonged stay above Fib 61.8 on the bear flag) and now even going above Fib 78.6 does point to a good chance of full reversal, meaning going back to the same ATH as 3 Mar 2023
Will we get there?
- I'm still leaning we will get there, albeit, there could be a good pullback to SPY 437
@CaptainTiger @macroB @melson @TigerStars @Deposit @LMSunshine
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- melson·2023-11-25TOPmarket makers decide1Report
- Aqa·2023-11-27TOPLiked and shared. 👍🏻1Report