The5%ers Blog

Will the SPX500 Price Complete The Head And Shoulder’s Pattern? 26/05/2019

head and shoulders spx 26-5

In this 4H chart, we can see that the SPX500 is still bullish and the price just arrived into the support zone which is a critical level.

If the price breaks out the support, then it will indicate that the bullish momentum has ended and the price now becomes bearish.

That support is also the neckline of the head & shoulder pattern. In order to complete the pattern, the price must break the neckline. If that happens, it will be the first signal to look for a sell position.

Now, all we need to do is to look for a price action setup to find the right level to sell.

A new supply that will break the neckline will be a great level to sell, but we will have to wait and see if the target for this position will be the demand below.

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