February 18, 2017: New comments S&P500
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Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.
This text will generally only be adapted once every month. The chart is updated until 02/17/2017. The chart template is explained HERE.
Last month I wrote: "In my last comment I mentioned: "The last up move looks like an ending wedge pattern and, the new top is not yet reaching the long term pitchfork median line. This is part of the reason I personally expect a correction down for the coming month." We did not yet get a correction down, but the ending wedge pattern is still there and the high of December is not reaching the median line of the pitchfork. In the weekly chart we may have a reversal confirmation for the doji candle at the top, ready for a further move down. Therefore, my best guess is a move down for January."
January is not closing lower but slightly higher. We still have the ending wedge pattern and the index is still not reaching the median line of the up moving pitchfork. The Stochastic RSI indicator is topping and price is far away from all averages. Not much has changed last month so, my expectation is still the same, the start of a long term correction the coming month(s).
For FOREX traders, here I keep FOREX EUR/USD updated charts.