SPX - pennant on 5 min chart.

candle missed my target by 2 ticks, so I flattened. Got a single point - woohoo!

Been watching the bear flag (5 or 10 min chart). Saw this triangle develop, took a paper trade short on the break. Tight stop, measured move shown.

Steve, have you done any tutorial videos in the last 3 months? I have the two previous tutorials (3 and 5 hrs). Thanks.

What jumps to my mind regarding the sharp bounce off the 200 weekly MA is this:

1) It's the first test since the initial back test in 2011 after price broke above the 200 weekly. That's less bearish than if price had already tested it once or twice recently.

2) With the sell-off and subsequent rebound being so steep, it suggests to me that the odds are against price turning immediately back down and breaking through that MA. Anything can happen of course, and I am in no way taking or suggesting to take a trade or investment position based on my admittedly amateur view. But price had a strong reaction off that level, and I take that to be bullish. I hope someone disagrees with me here, so I can improve my understanding.

if we stay here into the close, we'll have a very long-tailed hammer on the weekly chart.

cup and handle-y!

Thanks! I'm not surprised I did not label correctly. Haven't read up on drawing, labeling etc. diagonals/wedges.

Steve, couldn't the DIA intraday wedge discussed yesterday be a leading diagonal, as shown in the attached chart?

To follow Steve's approach, I'd want to see a clear breakout and back test. Like up to around 29 and then back to about 28.

Not what my chart says. The trendline comes in around 28.75 or so. The morning's high so far is 27.71. No break that I see.

Thanks! I pm'd you.

Nice insight, should have thought about that!

Yeah, that's sort of what I figured. I tried paper trading the technique on E-mini futures, 15 minute candles, but it did not give great results. I haven't gone back and reviewed that. I liked your video on it, though. May have another go at the technique.

The part that's still fuzzy for me is: how far away from the 5/9ema is far enough?

Oh, that's right! forgot about that little trick.

What's the time frame? I don't have a stockcharts subscription.

Pretty solid bounce off that 3 pm low so far. Price can go a little lower than that low and the VIX will still close inside the BB's.

no symmetry break yet, but very close. 5 more SPX points....

Well, looks like it's running out of gas after all.