2022/01/12 14:17 PM – SP 500 MINI FUT – H4 – RISING WEDGE IN PROGRESS !

SP500 MF-H4-RISING WEDGE IN PROGRESS ! by Ironman8848 on TradingView.com

4 HOURS (H4)

A RISING WEDGE is in progress on the 4 hours chart.

61.8% Fibonacci retracement @ 4’718.25 filled early in the morning and since then the SP500 moved in a sideways price action in making a first DOJI before the last ongoing candle.

The recent “corrective” rally failed to recover above the H4 clouds resistance which are slightly above the 61.8% Fib ret previously mentioned.


A) Validation of the rising wedge by a downside breakout of the 4’690 level on H4 closing basis
Technical target @ 4’587 (roughly the former low and potentially a double bottom pattern !)

B) Invalidation of the rising wedge by an upside breakout of the clouds resistance area which would open the door for higher levels towards the former ATH above 4’800 (potential major strategic double top !)

Watch shorter intraday time frames to get more clues and validation or invalidation of what has been previously mentioned.

Watch also the daily closing level, as the Mid Bollinger Band is currently @ 4’707 and a failure to close above that level would also be an additionalwarning signal putting the focus again on lower level towards the D1 Kijun-Sen @ 4’665

Ironman8848 & Jean-Pierre Burki

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