This chart posted updates the Parallel Channel that has formed in the SP. A couple of weeks a go an AB=CD sell pattern formed and completed as the price traded through the upper end of the channel and the price failed back down. When failures of channels occur then the trader can expect at least a test back into middle of the range and back to lower end of range. If a total reversal then price would break the lower support. In this case it has not done that.
In the chart posted below the SP is now back up towards the upper end of the channel with another AB=CD sell pattern.
This week is FOMC meetings and it will be interesting to see how this new sell pattern plays out.

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