Three Push And Wedge Chart Pattern On S&P 500

A new structure has developed, which is known as the “Three Push Pattern” as price continues to ‘wedge’ itself into a rising consolidation.  Let’s see the current S&P 500 (^GSPC) structure mid-day on the 60min chart.

Price has now rallied to the peak of the converging trendlines that are forming a possible bearish rising wedge, which places it at a “make or break” price point we all need to watch very closely.

I wanted to get this post out quickly to show the developing structure, which has now formed a “Three Push” Reversal Pattern.  Notice the three new price highs that formed on a triple-swing negative momentum divergence in the 3/10 Oscillator.

The expected play at a minimum is for a retest of the rising trendline around 850, but aggressive traders might want to hold on for a larger target should price weasel its way out of the wedge formation, which would be quite bearish.  Should price continue to rally and break outside the wedge, the stop-loss point would be clearly defined.

Do your own analysis and see what else you might be able to glean from the current price structure.

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