Weekly Chart
Daily Chart
Rising wedge on the weekly charts, which I have been watching since it developed, was warning of waning momentum and finally a reversal when the support line is broken.It broke the resistance line first leading to a false breakout and a bull trap.Now that it has broken the support line finally we go with the fact that when it is broken a reversal is indicated.So we have a reversal in the S&P500 and we look to sell on rises.
Having taken support at the 200 ema on daily charts a bounce may be in order which should give a good oppurtunity to cut losing longs and go short if you have the expertise to do so.In case we have a rise above the lower top at 1434 it would ring alarm bells of a not so bearish scene.
Rising wedge on the weekly charts, which I have been watching since it developed, was warning of waning momentum and finally a reversal when the support line is broken.It broke the resistance line first leading to a false breakout and a bull trap.Now that it has broken the support line finally we go with the fact that when it is broken a reversal is indicated.So we have a reversal in the S&P500 and we look to sell on rises.
Having taken support at the 200 ema on daily charts a bounce may be in order which should give a good oppurtunity to cut losing longs and go short if you have the expertise to do so.In case we have a rise above the lower top at 1434 it would ring alarm bells of a not so bearish scene.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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