Is this a real break out? Part 1 8/5/26S&P 500SP_DLY:SPXJuvenalGomezHi everyone I'm back with another video for all of my subscribers I found a new and interesting chart pattern that might give us cluse to know weather this is a true break out or not. If you look at it from the lens of the wedge pattern that we were previously studying it says that it is a break out but in the lens of the new parallel that I have found it says were into resistance and were more likely to get a retrace to maybe retest the previous all time high and fill the gap to maybe go higher and that will be the real test in the markets! If we cant hold the retrace (if we get it) then its a failed move and a massive fake out. BUT if we do hold then we can go much higher in the SP500 for now I'm a skeptic of the markets. Yes I'm still long certain individual stocks still but I have been taking profits along the way. The bigger time frames are telling me to stay cautious but that doesn't mean you cant take advantage of the current momentum, you just have to analyze properly and look for high probability chart set ups. And if your pattern fails be quick to react to it and drop the ego and cut the position.