weird wacky week, page-25

Hi Peeps,
This is the set of charts that I mentioned earlier today regarding a potential case for a rise in the SPX500

tonight/next couple of days...

Before I go too far, I must state that the recent patterns forming (lastnight/today our time) do differ in speed

from the ones that I saw and calculated during the 8th to the 13th of June, and as usual, there is no certainty in

what I say, just conjecture...

I would also like to note that the movement can occur during the overnight futures, and may not be reflected in the

day...

That bein said, here is the first chart with patterns from the 8th to the 18th of June. including overnight action,

based on a 5min chart as supplied by IGMarkets in their standard package using the SPX500 instrument which is their

futures representation of the SPX 500...




The blue lines represent a pattern known as a 3WCS, a three wave corrective structure. This pattern suggests that

price will retrace the length of the structure, in this case bullish.

The 3WCS was followed by a bottoming triangle/gartley/W/Double bottom, outlined by the red triangle...

The dotted green line was my projected movement of price... which was confiremd, culminating in the top just on open

night before last... top/resistance was confirmed by Voltaire on the night in the thread started by Diiid.


The next chart shows last night's and today's so far action...



I have used the same colour scheme to show the potential 3WCS (in blue). followed by a not so obvious red triangle,

and a green dotted price projection line...

THis pattern is not so obvious as the first one and is a lot faster, which gives rise to questions about it's

strength and validity, however, at least the 3WCS is definately there... though the triangle is a bit shaky.
bullish divergence on the MACD MAV lines, with some also showing on the MACD histogram (See Below)

Unfortunately, although I have recently traded examples of divergence between MACD and price... I have not done

enough research to quite understand where exactly the turn point to confirm the divergence might be, and how far the

confirming turn is ...

So, by no means certain or truly indicative of what WILL happen, I beleive their may be a case for a turn upwards

soon.

If that does happen, it could be the start of a greater turn, as a turn up from here another test of 1370 and

breakthrough could confirm yet a larger pattern amazingly similar which is forming on the hourly chart, as shown

below... Sam colour scheme applies.




Pretty neat huh?

;)