 Hey folks, it's Harish Swaminathan from optiontiger.com. This is a follow-up video for an SPX analysis video that I did about a week or a little more than a week ago And we were looking at this double top pattern and why this matters so so a double top pattern is a bearish pattern and What happens is if you can see from here between the double tops The market went down close to 20% and then it came up right up to that point We don't want to deal with exact numbers, but it breached it a little bit But basically we are looking at these levels here and this is a double top pattern And this is a bearish pattern and it is still developing but We are getting more conviction to the bearish side and I'll explain that so if you see from the bottom here We have a series of higher highs and higher lows So this is a higher high. This is a higher low. This is a higher high This is a higher low same way it goes all the way higher highs higher lows all the way till here And then here it breaks down and it comes right back to the previous support point and it's holding and then it goes back up now if This had gone and breached this then this double top pattern would be invalidated However, it has not so now this is a lower high and we are heading towards a lower low If it breaches this support point then the next support point would be this And if it breaches that then there is you know quite a bit of room to the downside So why this is important is if you look at the an all-time chart so on the time frame I'm going to put a custom. I mean a daily chart I'm going to go back 20 years and I'm going to go back by month And so if we did that you can see all the way from 2000 to the current day and you can also see that here in 2000 we had a We had the dot-com and then in 2008 we had the financial crisis And so you can see this was a double top pattern and it played out perfectly and then we know what happens here So it the S&P goes down 60% and so I'm not saying that that's what is going to happen But this is a key crucial level. So let's go back to the daily chart and let's go back to the one-year daily chart So this is a crucial level and if it breaks this and if it breaks this one also, this is not a very big support point So it can easily breach this so from the height now we are down 10% So we are approaching the correction mode and a bear market is defined when it goes down 20% And so now we'll see what happens from this level onwards And this is the key level to watch So this is what we are watching on the SPX long-term chart the first indication that there is a breakdown happening is this price action over here, which is Which is a lower high and now we are going to a lower low So if that continues then we are going to see a breakdown here. Thanks