Tuesday, April 7, 2009

Wedge broken...let the retrace begin!

The new wedge is finally broken with a close under the lower trendline. The daily MACD and stochs have curled over. What was unusual about today is that SPY dropped 2.33% and the VIX dropped 1.33%! So even in a falling market, fear has lessened.

So all though the VIX dropped...the VIX:SPX went up and we are approaching a breakout of the bullish falling wedge.

Also, I have received more Ewave counts from Traders-Talk and other places. I will compile a larger post with all the counts this weekend...basically I need to redraw them all in stockcharts as I can't save different annotations for the same chart in prophet.