S&P 500 Aug 19 to Aug 23 Outlook

Recap
Failed to clear Y-0 resistance. Gapped down to below Y-2 and flushed down to Y-3 before a bottom is found. Closed the week below Y-3 and near week low.

Outlook
Spike and ledge top points to Y-5 target in play. If ES can tag Y-5 quickly in the beginning of coming week, a bounce back up to B-1 and even a run back up to B-0 is possible.

Spike and ledge tops are very strong topping pattern. It gives ES a strong potential to have a longer term top in place already. Until a long term bottom formation is formed, ES should be treated as inside a long term down trend.