- Market Twists & Turns by BraVoCycles Newsletter
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- SPX Wedges
SPX Wedges
BraVoCycles Newsletter
June 24, 2024
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SPX Wedges
Figures 1 and 2 show some important wedge structures that SPX formed. They also show that SPX reached the upper range of the price target obtained using converged Centered Moving Averages (CMAs), which I presented several months ago in Lesson 1.
Figure 1 reveals a multi-decade long-term (LT) wedge in SPX, a pattern of great significance. SPX has demonstrated its precision by just touching and slightly exceeding the upper trend-line (UTL) of the blue wedge, only to reverse back below it!
Figure 2 shows the medium-term (MT) red and short-term (ST) green wedge.
SPX almost reached the UTL of the red wedge.
SPX slightly exceeded the UTL of the green wedge, so-called overthrow, and reversed back to retest the LTL of the green wedge. I expect SPX to break below it soon, which may accelerate selling in SPX.
What gives even more significance to these patterns is that:
SPX achieved and/or exceeded all cycle price targets and
The weekly and daily cycle composites are pointing down, the former should reverse to down this or next week.
So we have strong indications of negative market bias in the ST, MT and LT.
Fig 1. Long-term blue wedge.
Fig 2. Short-term green wedge and Intermediate-term red wedge.
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