Looking at
SPX
on a log scale and over a 40+ year period we can find a wedge.
The bottom part of the wedge is the low of 1974 connected to the low of 2009. The top part of the wedge connects the high of 2000 and 2015. This creates a bullish wedge that has already broken out and returning to the top of the wedge.
The wedge has technically broken out and I believe has become support. I think we may hover around the top part of the wedge, and potentially go higher from there.
If it breaks below the top line I believe we might be returning to the double top formed from 2000 and 2009. However, this would simply (I say simply but it's quite a drop) return us to the bottom of the wedge.
SPX
on a log scale and over a 40+ year period we can find a wedge. The bottom part of the wedge is the low of 1974 connected to the low of 2009. The top part of the wedge connects the high of 2000 and 2015. This creates a bullish wedge that has already broken out and returning to the top of the wedge.
The wedge has technically broken out and I believe has become support. I think we may hover around the top part of the wedge, and potentially go higher from there.
If it breaks below the top line I believe we might be returning to the double top formed from 2000 and 2009. However, this would simply (I say simply but it's quite a drop) return us to the bottom of the wedge.
Comment:
* This information is not a recommendation to buy or sell. It is to be used for educational purposes only.