"Currently, we’re seeing an ascending triangle forming on the S&P 500. This pattern typically indicates a potential change in momentum. However, we're also noticing a clear bearish divergence on the 4-hour TDI (Traders Dynamic Index), which could suggest that upward momentum is weakening.
The key scenario to watch for is if the price fails to close above the upper trendline. As long as we don't get a candle body close above that resistance level, the pattern may remain intact.
It’s crucial to remember that this is not financial advice, and the pattern could still become invalid if market conditions change. However, there is a chance that this could signal a top formation."
The key scenario to watch for is if the price fails to close above the upper trendline. As long as we don't get a candle body close above that resistance level, the pattern may remain intact.
It’s crucial to remember that this is not financial advice, and the pattern could still become invalid if market conditions change. However, there is a chance that this could signal a top formation."
Nota
We broke the trendline but still didn't break the bearish divergence on the 4hour tdi.., this can still be a fakeout.., if we do close above the upper trendline of the triangle we will retest it and need to stay above it bounce higher to invalidate the ascending triangle structure.., by the way guys.., if it does play out then this still doesn't mean it's an entry.., if we make our first top i'm looking for a second leg to form of a bigger M formation..Nota
We're falling back into the triangle after forming an M formation above it which might be a fake breakout.., if we close back in the triangle today on the daily with a candle body close then we might be setting up for a bigger drop to the downside and even a potential trend shift..
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.