SPX500 Bearflag with rising wedge on hourly
Could be a big sell if the flag breaks - just be careful on longs, tight stops.
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Second attempt this morning to break out of wedge - Bulls be careful, you are on the attack - your flank is exposed cause you're attempting a breakout of a bearish pattern (rising wedge).
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Appears wedge breakout was a trap.
Update chart, this bear flag support has to hold or we waterfall down.
Update chart, this bear flag support has to hold or we waterfall down.
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Flag held, but now we have a pullback to rising wedge resistance breakdown, partial profits should be taken.
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It's a strong support area, could be just a liquidity test before ripping higher. Hard to open a new position here if you're not already in - staying in cash for now.
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Bulls screwed up here letting this flag break. We'll see how tomorrow plays out.