fxtrends
Short

Don't tell me I didn't warn you!

FX:SPX500   S&P 500 index of US listed shares
107 4 0
Typically, elongated rising wedges ( like the one seen in the SPX500             right now), tend to resolve to the downside. Also, over the past few weeks, bulls have failed to reach the top end of this wedge . And, in the past 48 hours, the SPX500             is threatening to leave two major false - break patterns and a dragonfly doji pattern. These are characteristics of a either a significant top or potential distribution pattern. Moreover , anecdotal evidence is pointing to investor complacency which too is often associated with key peaks of price action. With other major equity indices starting to show kinks in the armor, look for bears to aggressively test the lower bounds of the wedge . A potential breakout would likely retrace a quarter of the entire 2 year advance.
stockSMASH
2 years ago
agree everybody thinks we will bounce off the 50 on daily and go to new highs... mid term election historical as well as weekly charts suggest otherwise and the selling could be energetic
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sunny
2 years ago
excellent. I missed this opportunity but kudos to you. What do you think about current levels?
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sunny sunny
2 years ago
and this channel -
snapshot

cheers
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fxtrends sunny
2 years ago
yes its valid...in fact a colleague pointed it out to me a few weeks ago then again last week..last week was certainly an exhaustion and now we have a channel set up in place...I like to draw a fibonacci channel to help me gauge how strong the recovery is...also watch the 200 day ma
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