Charts I’m Watching: Sep 24, 2012

The rising wedge we were watching Friday broke overnight and has carried into this morning’s session, with an initial drop to 1452.06.

This completed a Bat Pattern at the .886 retracement of the 1474 to 1449 drop (also a small Crab Pattern.)  We should thus get a sizable bounce from 1452 — probably at least to the white channel midline of 1456.51 — also the .618 of the small red pattern.

UPDATE:  10:10 AM

This morning’s drop to the .886 suggests some interesting moves.  Remember that the .886 not only represents the completion of a Bat Pattern, it is also the Point B of a potential Crab Pattern.



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