FX:SPX500   S&P 500 index of US listed shares
568 27 13

Weekly candles.

Expecting the wedge to carry on for ever is a mistake.

One week it is going to switch and it may be swift when it does.

There may be a last rebound from 2040 again but overall the same question would be have to be asked again 6 weeks later around 2140.

The question is on the chart.

Related Ideas

expect the same 220 point drop from today as back in june 2011....(or actually expect more downside)
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YaKa PRO brianhimmelstrupnielsen
2 years ago
:) Sometimes I think i am a bit bearish close to tops and dont let the last 2% occur.. You are far beyond me:)
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reluctantplumber
2 years ago
Ahh 2140!
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YaKa PRO reluctantplumber
2 years ago
You are consistent.

May i ask you something? 2140 was just 20pts away yesterday, why would you risk 80 to 200pts down for this small upside?
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reluctantplumber YaKa
2 years ago
Well in fact I added to the short side yesterday - but not all in - expecting a red day today.
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Cpt_Picard YaKa
2 years ago
What if there is no 200pts correction. You get in at 2200 then?
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reluctantplumber Cpt_Picard
2 years ago
I will place the rest of my short budget at 2140 give or take a few points. If we go to 2200 from there it will be painful for me to watch.
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YaKa PRO
2 years ago
Market climbs on bad news because it means Fed would not raise rates... There is going to be a limit to this reasoning. (durable good orders).
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reluctantplumber YaKa
2 years ago
I expect a silent trigger - flip of the algo switch type of correction.
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standardaccount YaKa
2 years ago
They day I understood this was happening was the day I understood we are in an unsustainable bubble. When the market rises on bad news it is obvious prices are being sustained unhealthily.
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rv
2 years ago
thanks for this chart.
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pezq PRO
2 years ago
Gann analysis of that period would have given you fair warning.....
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pezq PRO
2 years ago
the chart should appear here
snapshot
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Cpt_Picard pezq
2 years ago
Sorry for offtopic question here. But is this site focusing to 99% on technical analysis? I'm new around here.
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pezq PRO Cpt_Picard
2 years ago
Hi Alberth, There tends to be a fair amount of TA. But there are quite a few straightforward trade ideas. I am looking forward to the trade panel working properly as then we would be able to follow the traders with a proven track record! I would welcome more good honest trade setups with good/verygood risk reward. Particularly of the 2 day - 2 week variety.
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pezq PRO
2 years ago
And the latest moves on 4hr chart, which for technical reasons is one of the best time frames to use
snapshot
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pezq PRO
2 years ago
The question is - does this look like a correction or consolidation into an upside move?
snapshot
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reluctantplumber pezq
2 years ago
That is the question on everyone's mind. What is your take?
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Cpt_Picard reluctantplumber
2 years ago
April economic data will decide is my opinion. Time is running out for these bad numbers. Not so sure though it would get us down into correction territory.
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pezq PRO reluctantplumber
2 years ago
I did answer your question but I think you will find it below the thread. Regards
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pezq PRO
2 years ago
This is what a 3 day chart looks like
snapshot
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pezq PRO
2 years ago
To answer your question as a trader, it doesnt matter to me whether the price rises or falls. All that matters is a consistent trading methodology and iron like money management. For what its worth I mostly use a 4hr chart and a 9 period Keltner Channel. When the average price closes above the 9 period middle channel I am long. When it closes below I am short. I use 3 day charts to plan the endpoints and fibonacci levels.
snapshot
+1 Reply
YaKa PRO pezq
2 years ago
smart & wise
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reluctantplumber pezq
2 years ago
Thanks for the great input!
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YaKa PRO
2 years ago
Checking other possibilities.

The Bullish Case
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look4edge
2 years ago
answer, what i have found in chart... no idea if it will behave like this, just scenario, as always, could happen or be discarded
snapshot
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I don't disagree with your thoughts on the wedge, however here is another perspective to consider.
This suggests that the lift could technically go on indefinitely.
The range of the large red channel lifting from 2011 is approx. 240 pts., allowing for large moves and until we see the lower red channel support broken, the market technically remains within the positive trend.
S&P Controlling Channels
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