When we last looked at the broad market indices, we discussed why we needed to add a line above the recent price action in case there are wedges forming on the daily charts.
The upside target is the top of the wedge. On a swing basis, the trade has already been triggered, so if it continues to the upside, look for intraday opportunities.
We have to watch the price action carefully at the upper edge of these patterns, as it is also a test of recent highs. Since the only thing we know about the $INDU 10750ish and $SPX 1158ish area is that this is where sellers showed up before, we will be on the lookout for them in case they come out again.
04.03.01 16:53 #