SPX - Long Term Channel Update - This Is How I See It
This is an update based on trading activity this week.
My longer term expectation is that we make nominal new highs.
I think the long term upper channel line will be respected along with the white 4.618 Fibonacci cycle arc.
I know this opinion flies in the face of fundamental logic based on all the news and underlying problems with the economy.
I just see too many stocks in a position where the price structure requires upward correction before another substantial decline is likely.
For now this is my story and I'm sticking to it... Always open to other opinions and will pivot if the price structure shows me the story is changing.
My longer term expectation is that we make nominal new highs.
I think the long term upper channel line will be respected along with the white 4.618 Fibonacci cycle arc.
I know this opinion flies in the face of fundamental logic based on all the news and underlying problems with the economy.
I just see too many stocks in a position where the price structure requires upward correction before another substantial decline is likely.
For now this is my story and I'm sticking to it... Always open to other opinions and will pivot if the price structure shows me the story is changing.
