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Forum: US Indices
Topic: $SPX
Posted By: hayseed
Looking more and more as if this is a peaking descending triangle. If so, the FOBO appears to be complete already.
The two prior peaks in this formation using a 60 minute chart:
On 8 May, a very long legged doji shaped hammer as 'the' peaking candle
On 20 May, a very long legged doji shaped inverted hammer
Then for this third and likely final peak on Tuesday, 26 May, a daily marabozu candle formed and was then followed by the strong bearish harami candle yesterday 27 May.
If this is so, the major B wave is in progress as long as the high of 26 May is not exceeded. Prices should draw down to at well below 880, retest the 880 base of the triangle as resistance and then complete a more pronounced move lower into the pink circle before resuming a trend back up.
A strong close below the 880 level will be the confirmation.
Fibonacci time is indication the 26 May was the peaking day.
