Slope of Hope Blog Posts

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Bounce to Retest Daily Mid Band

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SPX made the first of my remaining three downside targets near the open yesterday when it broke below the H&S target at 2072. The remaining targets are the falling wedge target at 2060 and the weekly lower band, now at 2057.

I was talking about a likely bounce coming soon yesterday morning and a double bottom formed yesterday that should be for that bounce. The target is a 61.8% retracement of the falling channel from the H&S right shoulder. I posted the chart below on twitter last night and hopefully many of you saw that (my twitter handle is shjackcharts). Looking at the overnight action that seems likely to make target today. SPX 5min chart:

150728 SPX 5min Short Term Patterns