Mentorship

Mentorship

S&P

5 Jun 2015 ‚óŹ 03:51 AM

US indices sold off, but these one day big moves have become a habbit. What is missing is following trendsl. Yes a wedge appears complete on the NYSE composite, but in most indices as the S&P below wave E did not touch the upper line of the wedge. So will it do that before a final top or is wave E truncated? We wont know till the lower trendline is conclusively broken. And prices closed just on top of the line in most cases and are near the lower bollginger band support on daily charts. So if this level holds we might again be looking at a rally in US stocks. Follow up selling below this level tonight would be needed to confirm that the wegde finally broke down. Else we are in the waiting game to confirm a major tremd reversal.

snp050615

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