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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: Patrick Slevin who wrote (4552)5/8/2000 5:46:00 AM
From: fut_trade  Read Replies (1) of 7434
 
...a bear wedge?

After re-reading a few sections in Edwards & Magee, "Technical Analysis of Stock Trends", and also
prstrading.com
the common name appears to be "Rising Wedge" (bearish).
Edwards & Magee say that the Wedge normally takes more than three weeks to complete and seldom last more than three months. Also, once prices break out of the Wedge downside, they usually waste little time before declining in earnest...might add that the Rising Wedge is a quite common characteristic pattern for Bear Market Rallies.

The pattern I mentioned took about two weeks to form, so perhaps it is something else? However, it appears to be a bearish pattern to me.

...with the bottom leg coming off the October Low through the April Low

I haven't looked closely at the daliy chart of the SPX in awhile, but that upward support line starting from the October Low is prominent. Looks interesting...
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