Slope of Hope Blog Posts

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Possible Bounce Setup (by Springheel Jack)

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SPX made a lower low yesterday and finally tested the 1340 support level. There has been no conviction break as yet. While that remains the case, and with the proviso that I'm expecting more downside and any bounce here will therefore be counter-trend, I'm thinking we may well see a relief bounce here. On the ES 15min chart the falling wedge I posted yesterday has broken up, with the low yesterday slightly below the wedge support level that I gave yesterday morning. With the decline yesterday afternoon a promising W bottom setup has also formed. On the next move over 1345 the pattern target is 1357.25, and we may well see that today or tomorrow, though the chances of seeing that will drop significantly if ES breaks below rising support at 1338 this morning:

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