Head and shoulders pattern in SP500

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Source: Dukascopy Bank SA
A bearish reversal signaled by a Double Top pattern on the daily chart, confirming a breakdown when the price fell below the neckline around 6680.000. This pattern suggests that the strong upward trend is over. The immediate price is now below this critical level, reinforcing the downward momentum. The next significant support levels to watch are 6580.000 and then the major target zone of 6490.000 to 6460.000, which is the projected measurement for the completed Double Top formation.



The bearish outlook remains valid as long as the price stays below the former neckline at 6680.000.
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