Short-term Chart Porn - S&P 500

Possible terminal wedge in the S&P 500 to end this powerful move that went beyond my expectations, to be sure. This termination pattern, were it to be validated by a breakdown, is still likely to result in a re-test of the highs (potentially with slight overshoot) to set up a momentum divergence, as this move higher has been too strong to just collapse immediately.

Anyway, here's my thoughts of what may happen, first on a 4 month 60 minute intraday-chart of the S&P 500 ($SPX) and then on a 10 day 15 minute intraday chart:





The pending correction will likely take everything with it but the US Dollar and government bonds, as Gold, commodities, stocks and corporate bonds have all been rising together and animal spirits are at an insane high right now.