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dereckcoatney

ES_F Rising Wedge, Looking for Downside

Kort
S&P 500 E-mini terminer (CME_MINI:ES1!)  
dereckcoatney  
CME_MINI:ES1!   S&P 500 E-mini terminer
Chart Patterns Technical Indicators es! SPDR S&P 500 ETF (SPY) SPX (S&P 500 Index)
8
15
chartpattern indicator es! spy spx
The ES Futures have formed a nice bearish rising wedge pattern over the last couple of weeks. Oftentimes, in the last gasp of a move up, a break above the top of such a wedge at its end is a signal of final exhaustion, and that is just what we saw yesterday. It was also at that moment that it came very close to reaching the 78.6% fib retracement from the February highs to the March lows (SPY hit that fib level on the nose, to the penny).

I am looking for this to capitulate as I believe the bear market rally has probably concluded.
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