Beautiful Triple Bottom performed by S&P 500 - Rising Wedge Made
Usually, a rising wedge pattern is bearish, indicating that a stock that has been on the rise is on the verge of having a breakout reversal, and therefore likely to slide.
A triple bottom pattern is a bullish chart reversal pattern that suggests a breakout to the upside.
This chart sees both, where a triple bottom was performed by the market, which gave way to a quick rise over the weekend. This fast upside created a rising wedge, which is usually indicative of a downward trend. I suspect this week we will see more sideways movement, sliding along in this channel we've made. If the S&P Drops down below 3990 tomorrow, I suspect we could see a larger sell off, dropping us below the 3960 threshold. Staying above 3990 tomorrow will keep us in this rising wedge. The market would need a lot of good news to break through the 4000 psychological barrier, the new rising wedge, the macro trend line, and the upwards channel.
A triple bottom pattern is a bullish chart reversal pattern that suggests a breakout to the upside.
This chart sees both, where a triple bottom was performed by the market, which gave way to a quick rise over the weekend. This fast upside created a rising wedge, which is usually indicative of a downward trend. I suspect this week we will see more sideways movement, sliding along in this channel we've made. If the S&P Drops down below 3990 tomorrow, I suspect we could see a larger sell off, dropping us below the 3960 threshold. Staying above 3990 tomorrow will keep us in this rising wedge. The market would need a lot of good news to break through the 4000 psychological barrier, the new rising wedge, the macro trend line, and the upwards channel.