djoecoates
Short

Ascending Wedge-ception!

OANDA:SPX500USD   S&P 500 Index

I guess this is a fractal idea sprung from some arbitrary patterns drawn and that alone but bare with me...
Back around exactly this time last year (March 2018) there was a period of recovery from the New Year's drop . The market climbed in a gravity-defying fashion respecting the boundaries of an ascending triangle (orange). It eventually breaks out as it pinches tight, drops, but the climbs back briefly to kiss the support confirming a coming drop - a textbook breakout. But, a second distinct triangle (yellow) can be drawn inside the first. Therefore, this support also has to be tested before the BIG drop can commence. So having broken out the orange triangle, the scenes begin to look apocalyptic, but things reverse to test the second triangle squeezing weak hands all over the place, and only then can the doom that has been much forecasted commence.

Right now that appears to be pretty much what is happening all over again. If my drawing is accurate, at the time of writing, we have kissed the support of the second wedge so this could be the top but that is not to say it cannot be kissed a second time. Therefore I would not expect us to go higher than 2840, but more importantly i see a definite bloody adventure down to the 2600-2620 region.

Short and forget till the end of the month or so - that's what I say. But what do I know i've just drawn some lines on a chart and called it a "idea".
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