If we look at the daily chart of the S&P 500 Index, we can find several interesting things:
1. Upward Correction #SPX is inside the Bullish Pitchfork channel.
2. There are 3 Little Indian Pattern (yellow circle).
3. The appearance of Ascending Broadening Wedge pattern.
4. The appearance of Bearish Wolve Waves pattern.
5. Upward correction held back by quite significant Resistance level which is Mean Threshold from its Bearish Fair Value Gap at the level 4017.39.
According to the facts above we can conclude that in a few days ahead, S&P 500 index potentially return to its initial bias (Bearish), so as long as there is no upward correction that exceeds the level 4154,38 then #SPX have the potential to depreciate to the level of 3836.4 as the first target and the ETA Line Wolve Waves level and/or 3631.93 as the second target.
Relevance up to 02:00 2022-11-20 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
