Slope of Hope Blog Posts

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Overthrowing Rising Wedges

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In my last post on 24th October I was looking at rising wedges on SPX, QQQ, DIA and IWM from the April lows and weighing the odds of these breaking down into a substantial retracement in the near future.

For SPX, QQQ and DIA I was looking at possible upside targets if they went higher, which they have, but not on IWM where I was just looking for a possible high retest, which we have not quite seen yet.

Looking at the rising wedge on SPX the rising wedge resistance has been hit, and I have redrawn the wedge support through the last low as this means that the wedge has expanded, and has therefore not yet broken down. The high at the time of writing is breaking slightly over the high quality rising wedge resistance and this may be a bearish overthrow.

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