Back on the 30th June, with SPX at 1606, I did a weekend post arguing the case for a move to a rising wedge target in the 1965 area. You can see that post here. That target looked ambitious then but as SPX has since risen over 200 points into the likely opening print today, that target no longer looks particularly ambitious. From a pattern perspective the only thing that would negate that target would be if that wedge turned out to be part of a larger pattern, and the only likely pattern would be an overall rising channel from the October 2011 low. There are a couple of possible alternates for that trendline but the ideal and highest trendline target would deliver a perfect rising channel, and that target looks to be in the 1810 area today. Here is that channel on a chart showing the major patterns formed since that October 2011 low. SPX daily chart from October (more…)
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.