Nothing new here and just sharing my thoughts. Short term the wild swings are showing the struggle between the bulls and the bears, who will win? A couple of bearish rising wedges look to be forming and I'm speculating on the red one at the moment, if it doesn't play out it'll mean a redraw. The blue range down is from the weekly chart and is the first range down off the 2007 top. Interestingly this would bring us back to test our Feb low and possibly form everyones favourite H&S leading into a right shoulder? or just settup a 123 reversal?
second chart shows the MACD. The thin blue trendline shows negative divergence that formed on MACD and the yellow box highlights what happened to SP when MACD broke below this trendline on 21st January this year. The red dash trendline shows similar divergence and pattern forming, lets see what happens here?
Pure speculation only and not a recommendation to buy or sell.
