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Money Zone in a Wedge Pattern
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RobKidwell
Posted 3/9/2011 12:34 PM (#2046)
Subject: Money Zone in a Wedge Pattern


The current market as measured by SPY is setting up a classic wedge pattern that is nearing the apex. This pattern is not uncommon, but on a Daily timeframe it might only occur 2-3 times per year. As depicted in the screenshot there is a danger of a "head fake" breakout, but it is likely that the action in SPY and the market in general is on the verge of increasing volatility--one way or another--or both ways.

This pattern offers a great study in Market Profile. The MZ II set up as I show does a great job of catching the turning points and depicting the contracting environment.
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