Buy on breakdown or more risk averse, sell the retest fail.
Ascending wedges at end of an uptrend tend to break down.
Ascending wedges at end of an uptrend tend to break down.
Commento:
Here is Nasdaq also exhibiting the same pattern
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SPX updated
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NQ diamond pattern + resistance line
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NQ update, 15 min pushing outside upper bollinger band. 1 hour soon to follow, this is a trap that will be sprung on bulls.
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NQ pattern retest before big drop.
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ES / S&P500 about to retest and fail
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An update on NQ and ES charts. Ascending wedge (bearish) still in play. I could see a fake breakout to the upside overnight due to FB earnings for the bearish case, and continuation once successful retest of wedge resistance line holds after breakout to the upside.
I think FB + AMZN will be used to juice NQ up and over and then the market will sell off into Friday.
NQ
ES
I think FB + AMZN will be used to juice NQ up and over and then the market will sell off into Friday.
NQ
ES
Commento:
NQ, pricing in AMZN failure - I think they will sell regardless of the earnings report, NQ wedge is failed retest.