Friday, March 7, 2008

SPX






(Click On Charts To Enlarge)

We got a Bearish Wolfe Wave/Bearish Rising Wedge rally in the SPX this morning, but in the daily chart, we've had a breakdown of the Symmetrical Triangle (in blue) and a failed re-test of the breakdown on Wednesday. The bottom of the pattern came in at 1348. This high on the day was 1344, so we've got a confirmed pattern failure, as the chart stands.

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