07.31.2012 - Dual pattern..

So, I tried to make sense of the short term chart.  The SPX hourly over a 10 week period.  I couldn't make heads or tails of it, which is pretty rare.  Usually I can find a dominant pattern, but its just chaos.  There's no less than 10 different channels, wedges, megaphones, etc. that you could make on it.  So for now, I'm just avoiding it.  Short term, I have no idea whats going to happen. 

I did find something of interest though in the daily and weekly charts.

The Daily chart ( 7 months ) and Weekly chart ( 7 years ) are sporting the exact same pattern.  It's actually quite striking how similar they are.

The only problem is that both patterns are at the same exact point in their development.  So there's nothing to foreshadow. 

What I can say though, is whatever happens next will be confirmed in all 3 longer term timeframes.  The Monthly, Weekly and Daily.  Because they are all sporting the same pattern.

Here they are;