BCMel

S&P rising wedge formation

SPCFD:SPX   S&P 500 Index
I find the rising wedge formation in the shorter term a very reliable indicator of a strong sell-off ahead.
In this case the S&P 500 is forming a much longer-term rising wedge that will more than likely result in a sell-off (major?) nearer the top of the long-term uptrend channel .
The Fibonacci retracements indicate a weakening trading cycle, with the second cycle close to a 73.6% retracement, compared to the earlier, healthy 38.2% retracement .
Nothing too complicated here.

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