- 2 multi year trendline act as resistance around 2750ish - momentum still strong and it takes time for the top formation. ( at least for RSI divergence ? ) - new ATH in 2018 and top in Q3Q4?
do you think that the market will go up through the wedge like it did in the 1990's?
Or do you think it goes down?
capri123
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@ecramer, the wedge can play out in many different ways ... retrace back to 2600ish and then retest ATH.. at that time we might see if the mega melt up will happen otherwise if will sink like a stone ~
Teich50
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@pittpitt123, At this point, I'm not sure if the green line (the top part of the wedge) can contain SPX. The breakout from 2700 in early Jan 2018 is similar to the breakout from 2600 in late Nov/Dec 2017. It can easily go to 2800.
capri123
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@Teich50, overshoot is possible .. .. as the RSI is in super overbought condition with strong momentum .. nonetheless i will see there chance for a >3-month consolidation (as in 1986/1996/2007), after then market either drop like shit or up to moon as multi-year wedge break always a big big move ~take this chance to go bankrupt or get retired :)
Teich50
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@pittpitt123, SPX already went over your 2750-ish level.
slope getting steeper and seems one more move up imo ...
ecramer
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Do you think it will stay below that trend line?
It looks like a pretty good resistance level.
I guess how long will it go with that line before the market corrects.
Or do you think it goes down?