This SPX monthly chart is in a top reversal but I don't call it a confirmed to reversal until there is a lower monthly low. We do have the lower high already. At this point it is a consolidation. Sometimes people ask me was the chart wrong or could the chart be wrong. Technical analysis cant be right or wrong, it just is. I keep saying on my blog that technical analysis is just about the price being above the line or below the line. Above bullish, below bearish. These patterns are high probability, that does not mean a guaranteed outcome. People get tied in knots about analysis. There is no need to. The more simple you keep it, the better it works out. If you start to say 'I thought', that is when you run into trouble.
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