UPDATE: I have updated this chart at stockcharts and have drawn some dashed lines as possibilities. There is a blue dashed that forms a steeper rising wedge. If the weekly and daily SPX indicators keep rising I think 750 SPX gets taken out. That is pretty bullish. Above 741 I'll begin lookig to leave longs. At this time I think we rise off the pullback this morning. Still in longs. As I have noted if we take out the 712 range and you are long I'd be very careful.
Of course this is a pipe dream, but as many of you know I like to try and find the patterns and possibilities as early as possible. I found this triangle that works well with what 4.5 (or iv.3.5 as Craig (who's Craig?) pointed out on Stocktock last night) needs to do and with something that will throw the market down when the pattern ends. The rising wedge that is forming is too wide and would requite quite the run up, so I went this rout. A throwover on the e leg to DE's 741 would be just fine. This still works in my Whats Happening? scenario post below since E can come up short of the trendline.
Good luck.
I like it! Fits the triangle that Daneric really wants to see...It even matches what I have posted except that I have a head fake that will take it up to 745 at E before dropping through.
ReplyDeleteUpdate: Closed at 751. Nice.
ReplyDelete