[SPX] Giant Rising Wedge Reversal... Rejected By 2Y Peak Trend!
Where is @DereckCoatney when you need him?
I dedicate this to my favorite data point for wedge analysis... how could you be MIA for this!?
It's a bit hard to see but we actually dipped below the wedge for a couple days in late August (and very briefly in late July and even more briefly in late June), right in this little range we found ourselves in now.
Then we had a beautiful run to the top of the wedge only to be rejected by the 2Y peak trend channel halfway across. You can literally see the market losing it's strength to hold the Rising Wedge and we didn't even get a beautiful Blow Off top... just ice cold rejection.
Now back in the the same range as our August dip we find Price to be extremely erratic (however not volatile since the initial slide down) as it works it's way across the new down channel in a horizontal channel form it's initial crash down point.
This seems to be a textbook Rising Wedge Reversal Pattern except this beast is 6M's long and has a lot more reversing to do.
This is what the micro-analysis is looking like if you zoom into the 2H...
![[SPX] Wedging Into Bottom Half of Local Down Channel... UH OH!](https://s3.tradingview.com/j/JLHvIDkf_mid.png)
I dedicate this to my favorite data point for wedge analysis... how could you be MIA for this!?
It's a bit hard to see but we actually dipped below the wedge for a couple days in late August (and very briefly in late July and even more briefly in late June), right in this little range we found ourselves in now.
Then we had a beautiful run to the top of the wedge only to be rejected by the 2Y peak trend channel halfway across. You can literally see the market losing it's strength to hold the Rising Wedge and we didn't even get a beautiful Blow Off top... just ice cold rejection.
Now back in the the same range as our August dip we find Price to be extremely erratic (however not volatile since the initial slide down) as it works it's way across the new down channel in a horizontal channel form it's initial crash down point.
This seems to be a textbook Rising Wedge Reversal Pattern except this beast is 6M's long and has a lot more reversing to do.
This is what the micro-analysis is looking like if you zoom into the 2H...
Data analyst with a passion for best fit lines B)
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