Sunday, July 26, 2009

S&P500 Broadening Top Pattern

S&P500 technical chart:
S&P500 has formed broadening top pattern which is very bearish, but it contradicts with inverted head and shoulders that I mentioned in my previous post. If broadening top wants to come to play S&P500 should not move above 1050. I think my bearish scenario has very high chance to come to play . We will find out soon which scenario is going to become reality.