SPX / SPY - 30Min View - Wedge, In a Wedge, In another Wedge
SPX on the 30Min is showing we are consolidating in a wedge.
An ascending wedge is a bearish pattern.
If you ask me - having a wedge, in a wedge, in another wedge should be extremely bearish. LOL
We are in a white wedge (could be ascending wedge based on support angle), inside a blue ascending wedge, which is inside the main multi-week white ascending wedge.
The white multi-week ascending wedge will be shown in the Daily or Weekly view.
10WeekMA double jumped higher which is good.
Price is closer to 10WeekMA. Price cross of MA will confirm downtrend.
I am waiting for price to break the current white wedge pattern by tomorrow. (SPX is showing after market hours 23:00).
If price breaks above wedge or goes to new ATH's, ALL BETS ARE OFF. I will be pulling out of short/puts if we go above $316 SPY.
I will update Daily and Weekly view momentarily.
News:
French riots/protests over pensions (similar to US upcoming issue with pensions funded by corporate debt).
2 days ago - youtube.com/watch?v=pPHbbIKQ5Eg
Repo Crisis Fueled by 4 Banks, Fed Balance sheet increasing at SAME level as market Hmmmm - all sourced information
Today - youtube.com/watch?v=outb-2Msd14
An ascending wedge is a bearish pattern.
If you ask me - having a wedge, in a wedge, in another wedge should be extremely bearish. LOL
We are in a white wedge (could be ascending wedge based on support angle), inside a blue ascending wedge, which is inside the main multi-week white ascending wedge.
The white multi-week ascending wedge will be shown in the Daily or Weekly view.
10WeekMA double jumped higher which is good.
Price is closer to 10WeekMA. Price cross of MA will confirm downtrend.
I am waiting for price to break the current white wedge pattern by tomorrow. (SPX is showing after market hours 23:00).
If price breaks above wedge or goes to new ATH's, ALL BETS ARE OFF. I will be pulling out of short/puts if we go above $316 SPY.
I will update Daily and Weekly view momentarily.
News:
French riots/protests over pensions (similar to US upcoming issue with pensions funded by corporate debt).
2 days ago - youtube.com/watch?v=pPHbbIKQ5Eg
Repo Crisis Fueled by 4 Banks, Fed Balance sheet increasing at SAME level as market Hmmmm - all sourced information
Today - youtube.com/watch?v=outb-2Msd14
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