In 60% of cases, a descending broadening wedge’s price objective (green bar) is achieved when the resistance line is broken... 40% chance of re-testing support of the channel, which would be long-term support. As we have been rejected off the resistance, could indicate another retest of support.
Note
Trend remains. Close at upward wedge support as expected, if this breaks overnight, expect to see a substantial downward move.
Note
Hasn't broken overnight in either direction. Inflation increase from 1.4% to 1.7% (expected) highest it's been since Feb 2020. This might point to the temporary rate of over 2% is incoming. Stimulus passes today so that could be instigation for an upward move, if any look for anything breaking 390 to indicate this. First target around 375
Note
Strong DXY which has come alive should correlate to dropping spy prices. keep an eye out.Trade active
After an epic up and down battle for control, SPY went sideways leading it out of the upward wedge and finished within the Descending Broadening Wedge. The idea is still alive, although the exit of wedge today may have invalidated it. Tune in tomorrow.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.