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SPX500 Potential Head-and-Shoulders Top Coming Into Focus

SPX500 Potential Head-and-Shoulders Top Coming Into Focus

Paul Robinson, Strategist

Talking Points:

- Head-and-shoulders topping potential in SPX500

- Testing neckline at 2000

- Target potential below 1900

The SPX500 is probing the neckline of a multi-week ‘head-and-shoulders’ pattern. An intermediate-term sell signal will be triggered on a close below 2000 on the 4hr/Daily time-frame. Once triggered, traders will be looking at short-term/intra-day short set-ups down to the 1890 area, which completes the measured move of the H&S formation. Measured moves are determined by subtracting the height of the pattern from the price where the neckline is broken. Stay tuned for updates as things develop further.

SPX500 4-hr Chart: Oct ’14-Jan ‘15

--- Written by Paul Robinson, DailyFX Research

To contact Paul, email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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