Hot Copper Charting and Chat, page-330

My current thoughts on the S&P500

Given the approach towards major resistance around 2,815 (the lower highs off the top) and then 2,860, I believe we could be in for a pause if not reversal fairly soon. This has been a relentless rise since the December bottom without any real pause so when this rally ends it may not be just a gentle pullback (see action following Jan 2018 and Oct 2018 peaks following strong, lengthy moves).

In addition, there is a seeming rising wedge pattern which has formed over the past month. Watch for this to break the lower line to possibly signal that pause/reversal.


I also take into account that the momentum from the early 2016 low into Oct 2018 has been well and truly broken, and it should take more than a few months to truly regain a sustainable upside trend to new highs and beyond.