codypd
Long

Falling wedge in pitchfork - watch for new high

FX:SPX500   S&P 500 index of US listed shares
See chart for falling wedge .

Most falling wedges resolve upward back to the base of the move. Because this is in a pitchfork , and the wedge may resolve before the median line is touched, there is a high probability that the Haplopian line gets hit on the retrace (white arrow). That places the target at around 2080.
Trade active: Price hit the pitchfork median so the odds of hitting the Haplopian line are diminished.

The wedge, however, did resolve to the upside. Still a good chance of moving from here to the upper boundary of the pitchfork.

Target moved to 2072.
Trade closed: stop reached: Stopped out overnight.
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