.....optioncoach....
... it is interesting because if you compare where that wedge WOULD HAVE finished had it been allowed to progress (no Fed) ....
.... compared to the wedge that formed from 1507spx .. post-FOMC ....
... it looks like the post-fomc wedge broke around the same place the original wedge would have
... but while the target of the original wedge would have been the 1370 low ... the target of the smaller wedge was only 1507spx
.....but we fell right thru 1507 to hit 2nd diamond's target and still no divergence that i can see yet
....and there is something else...
if you take the post-fomc wedge and drop it..... it fits
... it is almost as if .... nothing changed except that the original wedge was made to break sooner because of the fomc jump
....implication ? ... none that i know of
.... in other words.. i am not trying to imply that the original target of spx 1370 still applies
.... if we dont get a divergence on monday and continue to drop... it will make me wonder if the original target of 1370 still applies or not....
Quote from optioncoach:
The wedge got turned up sharply on the FED rate cut day which kind of destroyed the pretiness of the pattern. From that day going forward you can say it is sharply pointing higher but for me it is not the same. The move was a breakout and the short-term trend looks still upwards from Fed day unless we get a significant turnover and so far all we have had is nice green bars and short little red bars.
