Perhaps someone could try and deicer the volume particulars of this formation my charting platform wont allow me.
Target for this pattern if completed would be around 10500, I would be willing to bet, this pattern fails, to much at stake this fall to have the only thing the Republicans have to hang their hat on the markets fall apart. politicians are a corrupt bunch.
There has been a lot of technical damge to the major indicies lately. If we are going to see a bounce, expect it soon. End of month next week. But either direction, volatility is back and money is easy right now.
here we go. From my perspective, next weeks volume will tell the tale for this summer. That neck line looks "furchbar" bearish. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1084838>
HnS looks good to me as other indices show the same. You may want to watch this along with NYA and OEX to name a few. NDX and SOX have already broken down, so this reaction will tell much. Volume was very light so far and needs to pick up to be any help to the bulls if this moves higher.
Wow you registered close to six years ago and post today, your handle is fitting. I am honored to have your first post, I really mean that.
This is the first time I see a wedge "target". Can you elaborate on how often it reaches this target? Thanks !!
Wedges are minor patterns. In bull markets it is common for 50% retrace to hold after a wedge breakdown. So far that is the case. Now, I want to see how far up this goes. If it can't take out that next resistance, then the odds increase for more downside. If all the other indices show HnS and they all move the same way this will increase odds for more downside as well. I just take it one day at a time and adjust things as it goes.