Updated
S&P 500 - Pick your rising wedge
Boring zoom meeting morning and watching it snow on hump day. I laid out the two possible rising wedge patterns. See the linked idea on wave 5 or wave B.
1) One that ends at the 1.236 fib ext and ignores the FOMO peaks, which would make this the end of a Wave B.
2) Another that ends at the 1.618 fib ext and uses the extreme highs and lows, which would make this Wave 5.
1) One that ends at the 1.236 fib ext and ignores the FOMO peaks, which would make this the end of a Wave B.
2) Another that ends at the 1.618 fib ext and uses the extreme highs and lows, which would make this Wave 5.
Note
A few tweaks and added a trading channel.Note
A slightly different look at the different wedges for each rally.Note
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Related publications
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.