this giant wedge is different from most people think or books presenting . not only as briefed at point 5) below, it also has some extremely important market carrying characteristics most people do not see.
market close update to private members: (one of the 15 updates today).
1). fear factor a bit in the fear, not favor consistant market down turn. both TICK and TRIN are indicating short term oversold market, indicating higher probability with immediate up market when market open next Tuesday. no market on Monday's President day.
2). 10 minutes after the market close, spy only $0.03 from session high, and ultra short spxu is 0.01 from session low. supporting above statement 1.
3). at 14:30ET, $spx found support at mid of bollinger band and keltner channel. this middle of the keltner channel as support has been true for the past 7 session as shown on the top chart.
4). both ($spx, spxu) and ($rut, tza) pair did not push through, and got rejected right at the blue line for market initial down confirmation, both pairs open the door of pushing toward the corresponding upper and lower lines of the pitch forks.
5). $spx did rejected at the touch of the upper green trend line of the giant wedge. what lack is a down side break. this action can go back and forth with pull back a little, then push up to kiss the sloped up green line until the cycle expiration which humble will try to cover in depth this weekend.
6). $spx upside target price as shown on the chart when trading resume on Tuesday, which is the measured pivot upside and/or the blue pitch fork top line, which was the same as updated during pre-market. imho, this push upward almost would come as summarized from above points.
7). $indu seems like a way to go on the upside toward the nonlinear brown Fibo upper line, also is the top line of the blue pitch fork.
above are short term and micro term, more medium term and long term in the weekend comprehensive report.
8). have a great long weekend.
PS. 1). someone asked about financials top. imho, financials has not top yet. financials is forming a giant head and shoulders across one decade. and its "xtrend(from a very popular & savvy trader's term)has not satisfied yet. also it's a functon of time. humble is going to cover cycles in details this weekend. all works are humble's original.
humble has own realization of "xtrend" of its geometry and market structures on all major indexes, including spx and rut, indu...
2). daneric has excellent (C)=0.618*(A) calculations on his blog.
$rut already satisfied this 0.618 factor. and it's only 2% from historical high, that could easily be achieved in 2~3 sessions. if "they" manage to make a new $rut all time high, then "their" mission of invalidating so called "P2" could be a mission completion. after such a long push, why would the mission fall short of such a small amount? what important is what's after. humble has some views about $rut geometry and its structure, and its own cycle.
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