Is this really a Rising Wedge? Not necessarily .... be ready
If you´re used to trading patterns, in the 4H time frame there´s no doubt we find a Rising Wedge, and we´re supposed to be ready to go bear probably going back to 2150 or 2125 with an Entry 2181 bear. That is OK for the short term. If you´re used to SP500, you can recognize several times where you find those bear peaks and a fast pullback with a 1/3 plus return (already found 2205), then correction, and then go for new higher highs.
In an alternative view if we go to the Week or Day time frame the chart shows something really different. In the Month or Week time frame we´re transiting Wave 5 Elliot Wave ..... that´s what the chart shows. In the Day time frame, I see an ascending channel in which bear Wave 4 was really fast while we heard US election and then we entered ascending Wave 5 wich allowed us to see new higher highs. Our next level should be arriving 2292 next to year end .... not impossible. For this trade, Entry will be 2217 SL 2202 TP1 2250, expect correction and then TP2 at 22.92.
In an alternative view if we go to the Week or Day time frame the chart shows something really different. In the Month or Week time frame we´re transiting Wave 5 Elliot Wave ..... that´s what the chart shows. In the Day time frame, I see an ascending channel in which bear Wave 4 was really fast while we heard US election and then we entered ascending Wave 5 wich allowed us to see new higher highs. Our next level should be arriving 2292 next to year end .... not impossible. For this trade, Entry will be 2217 SL 2202 TP1 2250, expect correction and then TP2 at 22.92.
Trade active:
This trade is still bear active if Rising Wedge confirmation entry 2181. Is very probable a bull pullback at this moment 21:21 EST.
