No commentary today. Aren't you lucky!
On to the lie -
Let's review!
Minis weekly -
Large blue dashed channel up off the '09 667 low to fresh new awesome ATH 1898.5 yesterday (cash took out 1900). Within this channel there was the yellow rising wedge that should have ended it all, but the first major overthrow in Jan 2013 with QE4eva really screwed everything up. This overthrow of course led to the rising red wedge of death that we're currently winding down.
Minis Daily - the rising red wedge of death (RRWof D) overthrowing upper blue long term channel resistance.
Minis 4hr - Just above the overthrow - Inside the RRWofD there have been multiple formations leading to resistance and support. Currently price is trading in three rising wedges. Not quite sure I can ever remember such a scenario, and we all know that a rising wedge is a bearish formation leading to a reversal. First there is the narrowing, nearing its climax RRWofD. Then there is the rising yellow wedge. Finally you have the small rising green wedge.
Minis 4hr - And finally we drill down to the final rising green wedge. Yes, that mess in the upper right corner of the first chart becomes manageable when you put it under the microscope. Main things to see here - Resistance upper yellow, red and green rising wedge resistance runs from 1903 to 1913. An even bigger problem is the STB RRWofD support just below at 1866.
Narrow does not describe their window here. When they are doing their best to run away from critical support that is chasing hard and they have to keep pushing price into the upper, upper atmosphere - that's not a good situation.
More to come below.
Have you shared STB today?
GL and GB!
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