The chart I posted on twitter after the close yesterday showed the 69% bearish rising wedge that has formed from the last low on the SPX 15min. The W bottom broke up yesterday and is now at the usual point where these patterns can fail, which is just above the breakout level. If this bullish setup forming over the last few days is going to fail, this is the most likely place. If the rising wedge breaks up today, we will then have a triangle, W bottom and rising wedge pointing back above the current highs. At the least I would then expect to see a hit of the SPX daily upper bollinger band in the 1672 area and most likely a retest of the highs. SPX 15min chart: (more…)
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