TradingView
The_Unwind
Apr 19, 2019 11:01 PM

Ascending Wedge = Thin Air Price Decline Possible  

S&P 500SP

Description

The Weekly S+P 500 Chart
shown here for the purposes of illustration,
shows price has risen almost as far as it possibly can,
in the current ascending wedge pattern.

Next, will come a sizable price breakout.

The technical expectation of the ascending wedge
is for an ultimate sharp break to the downside.

I will tell you that if that were to occur,
the decline will happen in thin air, ( See Chart )

Note that there is nothing... in the drawn chart structure to support price.

Once a price decline enters thin air,
there would be significant downward thrust unleashed,
almost like a rocket crashing straight back to earth.

I'm not saying that this has to happen.

But I will close by warning you, that if it does occur,
there will be very little chance to get out at prices
anywhere near what they are right now.

Thus, be prepared.
If a rapid price decline starts,
it will happen suddenly,..and with very little warning.

THE_UNWIND
4/19/19
NEW YORK



Comments
Teklologist
I've been waiting on this price drop for so long that I'm 'feeling' quite certain price will skyrocket instead. You know, because that is how luck works for the impatient.
jessyfuchs
@Teklologist, i agree
this market is weird
The_Unwind
@jessyfuchs,

Yes indeed
The_Unwind
@Teklologist,

A bullish breakout to a bearish pattern, ascending wedge at this point could be doubly bullish.
So whatever you do, allow the market to play it's hand.
neos
Agree we're breaking down soon, but not so much on thin air. There will be stops on the way down from bulls attempting to BTFD.
kunsan
Ascending wedge? What nonsense.
The_Unwind
@kunsan,

Pattern does not complete till the all time high of 2940.91
So you are premature in your observation by less than a point.
Also, a new all time high here, would not be confirmed by some important internal divergences,
so any breakout here would be very susceptible to failure, and potentially large failure..
BlockchainYahoo
i am seeing 1400 as long term target...anyone else come up with that number...ping me
The_Unwind
@BlockchainYahoo,

Close.
1576.
The prior all time high.
supere
I think the moment even the most courageous bears falter in their faith is that when the impossible will happen. I suggest examining the charts for IHF, XLV and XBI, in that order. Their patterns may be an important clue as to what lies ahead. Good luck.
More