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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: codfish23 who wrote (89699)	2/11/2017 4:54:06 PM
From: GROUND ZERO™	1 Recommendation Recommended By codfish23 Respond to of 218515

Thank you, my pleasure... GZ

To: codfish23 who wrote (89699)	2/11/2017 8:22:15 PM
From: GROUND ZERO™	Respond to of 218515

By the way, on that same weekly SPX chart which I posted earlier, I can see two other previous wedges... notice the 65% Rule on those two... the first at the lower left side of the chart is a bullish wedge because the top line is descending and so it broke out higher as expected about 65% through the wedge, the second wedge is bearish because the top line is rising along with the bottom line and the market began breaking down about 65% through that wedge as would be expected, notice what the market did soon after it broke out of that wedge pattern... this is why the market doesn't have to go straight down, it could still move higher and/or sideways, but it's still a bearish wedge and can't be dismissed too quickly... this current wedge is also bearish and is now upon us... also notice the previous bearish wedge had about the same angle of ascent... All three wedges are spaced about 2 years apart, these are obviously longer term patterns... GZ