S&P500 Start selling. Top of Channel is near.

2023년 12월 27일

S&P500 / US500 has almost completed a +17.30% rise, which is the prince range it grew by on the December 1st 2022 High.

That was the first High of the long term Channel Up pattern that started on the October 13th 2022 bottom.

The Channel Up still has a little more room to go upwards before reaching its top but since the price is already over the 0.786 Fibonacci level, we are already inside the long term Sell Zone.

Sell and target 4570, which is a possible contact point with the 1day MA50 and the 0.5 Channel Fibonacci.

Technically the decline can reach as low as the 0.5 horizontal Fibonacci at 4445.

Previous chart:

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