S&P500: Descending Broadening Wedge

The S&P500 1-hour chart is in the process of developing a descending broadening wedge. Based on this structure the potential exists for a brief move up to fill a gap between 4219-4228 that was created on August 21, 2022. Regardless of whether this move occurs, a meaningful decline down to its lower trend line on a daily chart is still expected.

Disclaimer