SPX is still in the long trem falling wedge
SPX is still way above 3800. This is the critical bullish point among the other two below which are intact and are leaving the upside reversal scenario still valid as this is seen as just a sideways consolidation within the falling wedge between 3600 and 4300.
On the weekly chart, we saw a rejection from 4100. This level is now the key upside reversal resistance. A bounce from 3800 needs to be confirmed in the following weeks with another attack on 4100. A break below 3800 would lead to a test of 3630 fast. The ultimate bullish wedge support is 3430.
On the daily chart, we can see a good RR trade opportunity…
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