S&P500: Broadening Top

On May 15, 2023 it was observed that a descending triangle was forming in the S&P500 1-hour chart. Since that time a broadening top formation has developed in the 1-hour chart. This formation is similar to what occurred between December 2021 and January 2022 prior to a sharp decline, as shown below.

Stock charts courtesy of StockCharts.com.

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