christopherbrecher
Short

The rising bear wedge everyone is watching.

AMEX:SPY   SPDR S&P 500 ETF
432 4 3
A break of this rising wedge should see a quick sell-off to the next line of support, around 177.
Why do you think this is a bearish wedge?
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olijoel TheChasm
@TheChasm, theoretically a rising wedge usually suggests a bearish reversal pattern. Its a rising wedge because note how two contracting lines are positive slopes. On the other side, a falling wedge, two contracting lines are negative slopes and it suggest a bullish reversal pattern.
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Thumbs up, I'm also watching this wedge.
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I gotta agree with the bearish wedge thing, because, well, that's what it is. Look it up on Investopedia or stockcharts or some other reputable knowledge base. Rising wedges typically break to the don side, and falling wedges pop up. What I find interesting is that it seems we are now spending time in the bottom half of the channel and testing the lower support line. If you want to see negative divergence, look at the ADX line since November. Weee !!!
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