(Click On Chart To Enlarge)
Pre-Fed comment: "..basis the 5-Minute chart, this is looking like a Bearish Rising Wedge/possilbe Bearish Wolfe Wave developing. The bottom of the pattern is a validated trendline (there have been at least 3 hits to it, including the arrow). That suggests that it's important support, so keep an eye on that."
The Bearish Rising Wedge actually broke down before the 2:15 announcement, rallied back inside the wedge, sold off on the news, rallied back inside the wedge, then sold off again. The usual Fed gyrations, eh?!
The SSO just printed 29.61, the bottom of the wedge, which is the minimum downside expectation off the wedge breakdown.
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