The Dow Jones Has Bullishly Confirmed A Partial Decline
Both the DJI and the SSPX have been trading within this Descending Broadening Wedge since the year begun and both have shown Bullish Variables that have allowed it to hold above a Horizontal Support Level. In this time The Potential for a Partial Decline has made itself present on the chart but the SPX has yet to confirm the Partial Decline of the Descending Channel. However, where the SPX has so far failed to the Dow has Succeeded in that it has come back up to challenge the Supply Line of the Broadening Wedge after having failed to come back down 100% of the way to test the Demand Line thanks to it being held up by a strong weekly horizontal support level and some strong amounts of Bullish Divergence at that very level.
If we are to go by Bulkowski's statistics for Descending Broadening Wedge Partial Declines the DJI now has an 87% chance of successfully breaking out of the Wedge to the upside. The measured move for such a pattern would take us back up to the inception of the pattern. I personally will be targeting the 0.886 and 1.13 Retraces.
Hopefully this will be a sign of things to come to the SPX which is still trading near it's Equally as Important Horizontal Support Level.
If we are to go by Bulkowski's statistics for Descending Broadening Wedge Partial Declines the DJI now has an 87% chance of successfully breaking out of the Wedge to the upside. The measured move for such a pattern would take us back up to the inception of the pattern. I personally will be targeting the 0.886 and 1.13 Retraces.
Hopefully this will be a sign of things to come to the SPX which is still trading near it's Equally as Important Horizontal Support Level.
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