Possible Sell off During Weeks of 07/22/2019 and/or 07/29/2019
Bearish SHS on the 6h time frame for the S&P500 E-mini futures. Conservative target of 2935 (subtract approximate height of the head from the break out area). Aggressive target of about 2875 (50% retracement from the June 3rd 2019 low to July 15th 2019 high, which is the start of the expanding wedge in my previous post).
The week of 07/22/2019 could get nasty. If not, then possibly the following week containing the FOMC meeting on 07/31/2019 @ 2PM.
This move should be no surprise if you had read my previous post on the expanding wedge formation. The market had to make ever increasing highs or eventually capitulate.
Of course, SHS patterns fail often and this may not play out exactly as planned, but rather the market may consolidate (waiting on the FED to make a decision) or form a 'W' shape instead (via impulsive moves/waves).
The week of 07/22/2019 could get nasty. If not, then possibly the following week containing the FOMC meeting on 07/31/2019 @ 2PM.
This move should be no surprise if you had read my previous post on the expanding wedge formation. The market had to make ever increasing highs or eventually capitulate.
Of course, SHS patterns fail often and this may not play out exactly as planned, but rather the market may consolidate (waiting on the FED to make a decision) or form a 'W' shape instead (via impulsive moves/waves).
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