SPX - Question for you.

FX:SPX500   S&P 500 Index
571 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.
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.
answer, what i have found in chart... no idea if it will behave like this, just scenario, as always, could happen or be discarded
Checking other possibilities.

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.
+1 Reply
smart & wise
Thanks for the great input!
This is what a 3 day chart looks like
The question is - does this look like a correction or consolidation into an upside move?
That is the question on everyone's mind. What is your take?
Cpt_Picard reluctantplumber
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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out