On to the lie -
Minis 4hr - Ready for this?
- Note all of this is happening in and around the red rising wedge of death that began with the lows of November 2012 that is overthrowing long term market resistance (thick blue) off the 2009 lows.
- All of the below is inside a potential rising yellow wedge that started back in February.
- Price cracked red rising wedge of death support back in February after the green rising wedge overthrow and failure. Off of this low ......
- Recovered to form a pink rising wedge that overthrew red wedge resistance.
- Pink wedge broke down and evolved into a pink rising channel.
- Inside pink rising channel became a blue falling channel.
- Overthrew blue falling channel holding pink support (STB consolidation call) to red and yellow resistance
- Then complete failure taking out blue, pink, stopping at 1844, backtesting the blue/pink STB super incredible short point I called, then fell to take out 1844, red, LT blue and formed the current falling yellow channel
- and finally stopped at blue falling channel support forming a new lower diagonal for the larger rising yellow wedge just above red dashed red line of certain death.
Minis 60m - Closer look at the current yellow falling wedge and price interaction with red and blue in the critical 1828 to 1833 area I've been discussing for a few days.
Minis 5m - Even closer. I'm watching 1828 to 1833 very closely. There are two diagonals, two channel 50% diagonals and 1833 s/r - This is a major road block. 39, 44 and falling yellow chan resistance will be next if they get thru here. Below - anything sub 1793 and we'll be having flash crash discussions.
SPX Daily - It is what it is. Some things point to a possible near term bottom but no positive divergences. Very very dangerous spot with price hanging under that LT blue support. Very dangerous.
More to come below.
Don't forget to be a good American and support the winning team by paying your taxes.
Have a good day.
GL and GB!