Chartists: is the S&P going to break out of this wedge? (chart)

I prefer to short the shoulder then to chase the neckline.


Even if it fails, 1200-1214 to 1130 is still a nice lick.





here's my updated chart


notice the 50 day kiss at the right shoulder

 

this made my day

 

SP500 daily reverts to bearish. Weekly bearish chart continues and
and this will not change.

My long term indicators have continued to warn of USD strength and
these signals have increased since 2009. As mentioned overdue dollar
rally should be substantial.

Also mentioned previously, COPPER daily chart ignored current rally
and warned of inevitable resumption of equity downtrend.

 

How many times have we seen this in the market, every time it looks like its going to break out it falls and every time it looks like its going to break the trend line lower it rallies. Seen this over and over and over again, let see if the SPX can hold 1120 again, if not look out below this time around, but of course we will get one of those 5% 3 day rallies and everything will look all better once again, tomorrow should be interesting especially with the weekly job numbers due out tomorrow morning.

 

Please provide correction and explanation so I can learn something.

 

Draw trends through the ends of the next faster sub-trends. Use volume to better identify trends. Neither of the two lines you've drawn satisfy the above.

 

What?

Something as ambiguous as this needs to be quantified.

 

Stocks End Sharply Lower on Recession Fears
S&P FUT
1136.80 13.30 +1.18%
DOW FUT
10762.00 112.00 +1.05%
NAS FUT
2198.25 23.75 +1.09%


This is a mini rally in the making, wonder if it holds into tomorrow, I think it will since the last 2 down days were the worse in 3 years!

 

baro-san meant, to use a smaller timeframe as the next faster subframe
(which is wrong)

and also volume as a trend indicator (I don't use it)


so , giving out faulty advices while trying to act smart

 

Framed it......