S&P500 daily- Ascending Broadening Wedge- ABW (with three contact points on either side of the ABW).
ABW tend to not appear during bear markets, most often seen in bull markets with downward breakouts. Breakout is 52% of the times downwards.
Also, two other critcal points-
1) The Fib retracement 61.8% seems to soon be either support of resistance.
2) 3000 on the SP500 is the 200-day moving average. 'A flat 200-day Moving average is King' Oliver Velez. The 200-day SMA is now flat. Being above consistently is bullish.
Soon, we will all know, whether this a durable bull breakout or a flop.
ABW tend to not appear during bear markets, most often seen in bull markets with downward breakouts. Breakout is 52% of the times downwards.
Also, two other critcal points-
1) The Fib retracement 61.8% seems to soon be either support of resistance.
2) 3000 on the SP500 is the 200-day moving average. 'A flat 200-day Moving average is King' Oliver Velez. The 200-day SMA is now flat. Being above consistently is bullish.
Soon, we will all know, whether this a durable bull breakout or a flop.
For further research about ABW by Thomas Bulkowski.