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The S&P 500 index could be building an invers Cup With Handle formation and a break below the support-line at 3,808 will active the top-formation for a decline to the the formation-objective near 3,665. The way to measure the formations objective is to measure from the top of the formation to the support-line and deduct the measured distance from where the support-line will be broken.
It's also important to stress, that the formation only will be activated upon a break below the support-line.
Normally the Cup With Handle formation is associated with bottoms, but they of cause they are also to be found as top-formations.
Remember the trend and patience are your friends
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