Well, it is a bit of a wedge on the SPX weekly, but often times in strong trends they work out just like flags. It appears to measure to around 705 actually.
Check out the pivot top, for example, at 1173 after the 1074 low in Feb. That's a flag that hit it's target and beyond, but it appears kind of like a wedge at first glance:
stockcharts.com[h,a]waclyyay[dd][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14][j6580916,y]&listNum=1
Here's a monthly falling support line on the SPX that appears will be at the 715 range in October.
stockcharts.com[h,a]maclyyay[df][pb20!b50!b200!c13!c20!c50!i!d20,2!b175!b150!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14][J6580916,Y]&pref=G
The SPX penetrated the 150SMA on the monthly at 775. The 175 is at 718 this month. The T/A lines up for a pierce of the 175 SMA on the SPX. |
