The Wedge And The Target

On January 5th I first posted the chart with the rising wedge and a proposed target 1046.37. I think I got a few laughs if I am not mistaken. I continued to post the wedge and followed it thru the remaining climb and overthrow E touch and now present it again today. Sometimes these things stick out like a soar thumb and you can see 'em coming from a mile away. Thus, I always look for potential formations as early as possible in any move. It does not always work out, but when you get into a "what could it do" scenario and put the TL's on paper and then see it play out, it can be a beautiful thing. Now, lets see if this target can hold.

January 5th Post with potential target 1046.37.

Here is the chart today after adjusting the proposed target to an actual measurement 1056.38. It initially stopped at the horizontal target line, but continued to the measurement point this morning. Is that the end of 1? I'd also like to point out that it has completed a backtest of the upper TL of the initial formation down and may have completed a falling A-E wedge (better seen on INDU). RSI 5 may be setting a divergence on the daily chart. The fall may not stop here, but hey....(oh, and yes, I did call for "one more" higher high at the end of the wedge as well.) Just a little horn tooting. Feeling frisky today. Sorry.