SPX500 descending broadening wedge break out

FX:SPX500   S&P 500 Index
Last week the descending broadening wedge pattern appears to have broke to the upside with a successful back test of the upper trend line . If that is correct, it would imply a much higher target price of approx 2125 possible over the next 2-3 months. That price also happens to be right around the upper long term trend line and if reached may mark a significant reversal point.

Short term, there looks to be a rising wedge developed over the past few days. There should be a higher chance of a downside resolution especially considering the long term trend line that broke two weeks ago is directly over head and on first attempt with s/t overbought conditions a rejection may be likely. Downside weakness should be limited to around 1930 or the upper line of the wedge pattern. Below that and another pattern is likely developing. If the wedge breaks up then s/t target of 2010 will come into play. With federal reserve on Wednesday this scenario can't be ruled out.
still tracking nicely within the channel. Maybe fed gives us a break in the trend one way or another. First move outside of it could be the wrong move though. @2pm. Would out to ~1995 upside, ~1973 downside.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
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