Just a basic update on my rising wedge patterns. Note so far today it was a test of the support line of the current wedge. If this wedge pattern is right, then we S&P is pretty much out of room for now and we should see a pull back soon.
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11:58am and still testing this support and so far it is holding
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I wonder if we will see the same pattern as last time?
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So far, that pattern looks promising. Here is the end of day.
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Thursday 1:20pm and it did not quite follow the pattern. If anything it is showing a similar but weaker pattern. It is now outside the wedge that I drew.
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Maybe this is the actually pattern?
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End of the week. Still looks viable as a pattern.
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Tuesday and the pattern is still holding strong.
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End of the day Tuesday and it is almost like I can predict the future ;) I am sure the market will throw a wrench into this tomorrow.
nice charting. pig is fully cooked. just waiting on the complex to get past this tired phase and quit trading sideways.
Petrichor_
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@jaredfrench, no kidding.
z3m25
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We're headed to 4,000-4,050 before we have a 3 step pullback and then a lot higher according to Elliot wave theory.
Petrichor_
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@z3m25, I have this count too. I'm fearful of this which is why I'm not full bear right now in short positions, but the rising wedge seems stronger. It's also a matching fractal with the last two drops with ascending channels followed by steep sell offs. March 2020 and Dec 2018. Weekly bearish divergence on the rsi (which is about the only thing I use the rsi for). EW has screwed me up more times than it has helped me and I'm starting to think it is a better tool to use postmortem to analyze what already happened rather than what's going to happen. But still I wonder about that 4000 number first ...
z3m25
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@Money2020_ET, as I told doc, check out elliottwavetrading.com takes the guess work out of my abilities seeing the charts of those that have FAR more experience than any of us using EW.
@kishnara, No idea tbvh. After a fierce little selloff Weds, might bounce to retest ATH on Thursday, LOL. More bearish next week IMO.
This ought to be a 10-15% correction, then new ATH in April is likely.
kishnara
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@DaddySawbucks, 0.5%, you call that as a fierce little selloff? Interesting.
DaddySawbucks
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@kishnara, NQ -240 pips -1.5% was a sharp move, agree not all equities are treated equitably lol