Slope of Hope Blog Posts

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Looking Over The Edge

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The rising wedge from 1871 broke down, and we would generally now see a retracement of the wedge in the 38.2% to 61.8% fib range, in the event that we were not to see a full retracement of the wedge. After the break of the wedge I look for a reversal pattern to form and there are now well formed H&S patterns on SPX, NDX and RUT. All of these patterns have targets around the 38.2% fib retracements of this last move up.

The obvious next step is for these patterns to play out to target. Today is the other cycle trend day this week so there are 70% odds that either sellers or buyers will dominate the day. In the event that we have a trend day down today I’d be looking for a big gap down that did not fill the gap. If we see that this morning then we may well see a big move down today. SPX 60min chart:

151111 SPX 60min