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Commodity Trading Discussion Forum

Re: SPX/ Major Resistance- Sugarman *PIC*

Posted By: Trades
Date: Friday, 6 November 2009, at 2:31 p.m.

In Response To: (Message Deleted by Poster) (Sugarman)

Yes those 2 points are part of the rising Wedge of this entire run up. This bearish rising Wedge was tested on both trendlines 3 times or more validating its authenticity and importance. And now that pattern has clearly broken down breaking the uptrendline of the pattern. Price is now retesting the broken uptrendline which is now resistance. And all this right at the 2 year downtrendline resistance pt from the bull market highs. Most point and figure charts have also broken down in most groups. A/D line broke down,etc,etc. This is all looking very bearish.

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