Yellow lines - Rising wedge
Purple lines - Bear channel
Will need to drop below wedge support at 34,660 for things to get really messy today.
2 scenarios here.
1st - We drop below wedve support which would be a double top on the 4hr with 34,290 as the target.
2nd - We bounce at wedge support and they buy the dip in financials and energy to prop this up until Debt ceiling show down climax later this week..
Let's see.watch 34,660
Long term this is still looking bearish unless we breakout from under that bear channel/Megaphone (Purple line) ..
Also large Divergence on RSI daily
Purple lines - Bear channel
Will need to drop below wedge support at 34,660 for things to get really messy today.
2 scenarios here.
1st - We drop below wedve support which would be a double top on the 4hr with 34,290 as the target.
2nd - We bounce at wedge support and they buy the dip in financials and energy to prop this up until Debt ceiling show down climax later this week..
Let's see.watch 34,660
Long term this is still looking bearish unless we breakout from under that bear channel/Megaphone (Purple line) ..
Also large Divergence on RSI daily
