Posted by punit167 on 13th of Jan 2015 at 02:47 pm
Steve, the 30 min shows a bigger picture wedge, but its neither
a clearly falling or rising wedge. I would think a bigger move out
of the wedge can happen in either direction. Is there a bias to
which side?
It's a symmetrical triangle...can break either way and better to
enter long or short near oversold or overbought within pattern.
The bullish view is an a-b-c-d-e pattern is complete or
nearly so and a thrust to follow up and out. Bearish the
opposite but not yet complete. In any event, respect your triggers
on the time frame you trade first and foremost. For now,
still seeing lower highs and and gap fades keeping me grounded
other than short term.
30 min wedge
SPX 30 Update
Posted by punit167 on 13th of Jan 2015 at 02:47 pm
Steve, the 30 min shows a bigger picture wedge, but its neither a clearly falling or rising wedge. I would think a bigger move out of the wedge can happen in either direction. Is there a bias to which side?
It's a symmetrical triangle...can break
Posted by steve on 13th of Jan 2015 at 02:49 pm
It's a symmetrical triangle...can break either way and better to enter long or short near oversold or overbought within pattern. The bullish view is an a-b-c-d-e pattern is complete or nearly so and a thrust to follow up and out. Bearish the opposite but not yet complete. In any event, respect your triggers on the time frame you trade first and foremost. For now, still seeing lower highs and and gap fades keeping me grounded other than short term.
Big ECB meeting next week.
Posted by steve on 13th of Jan 2015 at 03:07 pm
Big ECB meeting next week.