[SPX] 15M Microcosm Failed RW Breakout... Aww How CUTE!
Since it's boring these days might as well see how far we can push wedge analysis!
Today we had another one of the mysteriously delicious gap-ups that seem to always get the market just to where it needs to be for market psychology to take over just enough to keep the momentum going.
This gapup exactly got us above the rising wedge I drew yesterday.
Without that gapup we almost certainly would have fallen below the MASSIVE S/R trends that Price was sitting exactly on. Just based on how everyone is lookin at this thing that'd likely at least take us to 3300.
So here we are, gap up gave us exactly enough to get above the FW S/R and human behavior took over from there leading extremely cautiously up towards that deadly 4Y Peak Channel that already cut down Price 3x this year... 8M, 2M and 1W ago.
We gradually climbed to the end of the day where we made an attempt at a RW breakout and quickly retreated back to the top of the structure to take the weekend to plan our next move.
Technically speaking, a confirmed FW breakout comes with a significant increase in volume to confirm strength.
We didn't get that today. Still lookin bearish.
Also GEX seems to be coiling upward for a devastating spike that will ultimately put the nail in the coffin for this market.
Today we had another one of the mysteriously delicious gap-ups that seem to always get the market just to where it needs to be for market psychology to take over just enough to keep the momentum going.
This gapup exactly got us above the rising wedge I drew yesterday.
Without that gapup we almost certainly would have fallen below the MASSIVE S/R trends that Price was sitting exactly on. Just based on how everyone is lookin at this thing that'd likely at least take us to 3300.
So here we are, gap up gave us exactly enough to get above the FW S/R and human behavior took over from there leading extremely cautiously up towards that deadly 4Y Peak Channel that already cut down Price 3x this year... 8M, 2M and 1W ago.
We gradually climbed to the end of the day where we made an attempt at a RW breakout and quickly retreated back to the top of the structure to take the weekend to plan our next move.
Technically speaking, a confirmed FW breakout comes with a significant increase in volume to confirm strength.
We didn't get that today. Still lookin bearish.
Also GEX seems to be coiling upward for a devastating spike that will ultimately put the nail in the coffin for this market.
Data analyst with a passion for best fit lines B)
