The_Unwind
Short

Circular Dome Rising Wedge at 2600 Downside Break Expected

SPCFD:SPX   S&P 500 Index
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S+P 500 has created a Circular Rising Wedge at 2600,
with last week's consistent upside move taking price
right up to the apex of the dome.

Market's have long memories of important significant resistance.

2600 is a very important area for the bears to defend this week.
Successive attempts to breakout above 2600 last week,have shown it to be a significant barrier.

A clean 15 minute Line chart ( As Shown), my favored way to interpret price movement
shows a potential imminent downside price break of the wedge to 2582-2579 Support,
is the technical expected result of this pattern.

Whether price can move any lower
down thru additional support to S+P 2550-2520 should be seen this week,
when the all important 4th quarter earnings for major US bank stocks are released.

Dome Pattern in place could create quick downside acceleration, if bank earnings disappoint.

SPX Last 2596.26

THE_UNWIND
1/14/19
NEW YORK


Comments

ES has rallied 15 points to 2595 after the normal trading hour was closed. It shows a double bottom pattern on a 240 min chart now and it doesn't seem the market really wants to go down.
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u still in your short position?
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alfiezz alfiezz
I use 233 minutes chart Spx, this pull back never hit upper band, it always hits the upper band then reverse. I'm waiting on the last pump to reverse.
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The_Unwind alfiezz
@alfiezz,


How revealing.
233 minute chart is 7 minutes less than 4 hour chart.
What is the significance of the 233 minute chart ?
Reply
alfiezz The_Unwind
@The_Unwind, its a fibanacci number, if u look at 21 minutes and 233, i feel it works better for spx and vix
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alfiezz The_Unwind
btw today SPX hit 233 minutes upper band and reversed @The_Unwind,
Reply
The_Unwind alfiezz
@alfiezz,

You certainly have peaked my curiousity on the 21 and 233.
Keep it up. Thank you.
Reply
The_Unwind alfiezz
@alfiezz,

Yes
Reply
Excellent analysis. It's certainly not going straight up, is it...
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Citigroup (NYSE:C) stock fell 0.65% by 8:15 AM ET (13:15 GMT) after the bank reported weaker-than-expected revenue for the fourth quarter.
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