Looming Threat of a Rising Wedge

Watch the video extracted from the WLGC session before the market open on 5 Mar 2024 below to find out the following:

• What does a rising wedge mean (in price action)?
• The ultimate defense for the S&P 500 to watch out for when there is a breakdown from the rising wedge pattern
• The sudden market reversal scenario traders to pay attention to in these overbought conditions.
• The trading strategies to adopt should traders want to get exposure.
• and a lot more…

Market Environment

The bullish vs. bearish setup is 767 to 71 from the screenshot of my stock screener below.

Wyckoff method stock screener

Market Comment

The exhaustion of the up momentum is reflected in the rising wedge pattern.

Traders need to watch out for the ultimate key level illustrated in the video that could trigger a meaningful correction closely.