Let me explain in details more on what i see in the market.The combination of different technical analysis to come to see a same picture.
On the chart is S&P500 daily bar. You can see a major head and shoulder (H&S) forming and there is H&S within H&S as seen with the red circle. Next there is a trendline that connecting the top and cut through the current price now. Also flat top produce market drop, now a flat top is formed.All these suggest that the market is going to come down.
However, if the market is able to breakout from the flat top, the trendline and most importantly the head (that circle in red)then a uptrend is happening.
I will update you guys on it. It is really exciting for me. The long term forecast still remain the same as stated in the previous posting
