Still Being Built

Do not be spooked by today's FOMC announcement selloff. The play has not changed, the right shoulder for the SPX is still being built. These two posts discussed the potential head & shoulder pattern and the forming of the right shoulder: "Fibonacci Magic" and "What Did The Market Do?" Here's the updated intraday chart for the SP500 emini futures and what price actions to watch for the coming days.

(click on the chart to enlarge)