[SPX] Same Lines, Different Day.. Tomorrow BIG Inflection Point!
After breaking under the Rising Wedge we bounced off our 5Y Trend (yellow), 2Y Peak Downtrend (light blue) and narrow 2M peak down channel (red) and back up to local mid-channel where we bounced off and back under yellow and light blue an into red briefly and then back over at EOD for a close exactly on top.
It's nominally bullish to close above this point but man, RSI still looking pretty bearish, we're already at the top of the max 4Y growth rate (dark blue) and well COVID going nuts right now.
HOPE for the CHANCE of a widely distributed vaccine 6 months from now spikes the market but rapidly accelerating deaths TODAY has no impact... market psychology is ridiculously complex and frustrating to pin down.
Anyway, we can't consolidate for much longer, I called the 13th as an important day last week and still looking like a big inflection point. May need this weekend though and happen sometime next week instead
UVXY in massive 8M falling wedge, shit gettin real tight!
![[UVXY] 8M Falling Wedge Conclusion x 13th... The GREAT Spike! B)](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
It's nominally bullish to close above this point but man, RSI still looking pretty bearish, we're already at the top of the max 4Y growth rate (dark blue) and well COVID going nuts right now.
HOPE for the CHANCE of a widely distributed vaccine 6 months from now spikes the market but rapidly accelerating deaths TODAY has no impact... market psychology is ridiculously complex and frustrating to pin down.
Anyway, we can't consolidate for much longer, I called the 13th as an important day last week and still looking like a big inflection point. May need this weekend though and happen sometime next week instead
UVXY in massive 8M falling wedge, shit gettin real tight!
![[UVXY] 8M Falling Wedge Conclusion x 13th... The GREAT Spike! B)](https://s3.tradingview.com/7/76iFqa3s_big.png)
Comment:
This is the bull case... I don't buy it... way too much overhead resistance... way too weak of a Falling Wedge... gap up nullified a stronger Bull Flag structure...
Data analyst with a passion for best fit lines B)
