SPDR S&P 500 (SPY): I am seeing a falling wedge pattern form...

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learningboutinv

Re: GLENO34 post# 54036

Friday, 06/27/2008 1:59:25 PM

Friday, June 27, 2008 1:59:25 PM

I am seeing a falling wedge pattern forming on the 60min which could signal a reversal. If we break the upper trendline of the falling wedge we may have a short term rally. We will have to break QLD 73.34 on the next hourly bar or QQQQ 45.21. (Edit I've included a 60min chart)

May be we retrace back to the blue line? which is the 20dma on my 60min chart @ 77.20 or QQQQ 46.37. Then back down to test that 2nd gap below?

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