A speculative hypothesis where all the information is not yet in to determine certain channel lines. BUT this is not based on NOTHING. Topping patterns are appearing EVERYWHERE and negative divergence of 3 degrees are clearly visible (not this chart) which I will post soon. Again a speculative hypothesis that seems to be playing out.
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As I mentioned we did not have all the information to determine the exact lines of what for now looks to be an expanding pennant pattern. The premise is still holding true and I see no reason to rethink this as a topping pattern. The SnP 500's weekly negative divergence and the fact that the best performing vehicles of 2021 like TSLA BTC ETH etc have all tumbled hard off their highs gives me more reason to believe that the general markets will be next. I am looking for a higher all time high or a lower all time high on less volume and a sell off from that. Good luck.
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The idea remains unchanged. The information is enough to update the trend lines (not shown here). This seems MORE BEARISH than hypothesized. No new highs from the looks of things and we likely are on the last right shoulder of a large move down. GL!
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Wow!
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This is invalid.
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Likely a higher high and ES (SnP 500) move to fourth degree negative divergence on the weekly
Interesting hypothesis! It might even go that way. Thumbs up. Market is preparing for a sell-off, but it needs a trigger. Not sure that trigger will be a new ATH befor the drop, but it will be around or just above your red line. I take your idea into account, thanks