AI
Tuesday, March 01, 2005 8:46:08 PM
COMP Descending Wedge
A lot of things going on with this chart...
For starters we have a descending wedge that formed falling out of the previous bear flag. Next we have a 38.2% Fib retrace placing us at the 61.8% Fib which is tipping the upper trend line. Besides negative divergence between the SPX and RSI which started prior to the late Dec top, we also see negative divergence on MACD <not pictured>. Last but not least we have an ADX which appears to be at odds with the current wedge move.
A lot of things going on with this chart...
For starters we have a descending wedge that formed falling out of the previous bear flag. Next we have a 38.2% Fib retrace placing us at the 61.8% Fib which is tipping the upper trend line. Besides negative divergence between the SPX and RSI which started prior to the late Dec top, we also see negative divergence on MACD <not pictured>. Last but not least we have an ADX which appears to be at odds with the current wedge move.
**Happy Trading**
Your Economy #board- 1948
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
