SPX consolidation triangle
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SPX is breaking below the strong resistance 4050 with the confirmation. We are seeing on the monthly chart consolidation below this level. A break below the wedge and horizontal resistance are clear and the instrument is getting ready for a third wave continuation to target 3400.
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The weekly chart reveals a falling trend line being challenged again with multiple rejections, along with 3900 previously broken wedge resistance. This time price action is squeezed and is looking for a big breakout lower from this consolidation.
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