bb,
<get ready to ruuuuuuuuuublllllllle> OK, going to buy as much of that Russian Currency I can get my hands on....ggg
Been thinking about the $compx chart quite a bit for the last week, and there's been much great input on this thread during that time to help my thoughts come together.
The complex head and shoulders chart of the Naz can be represented by the following parameters:
Left shoulder 4/18-5/15
head 5/16-5/30
Right shoulder 5/31-present
Neckline connecting the highs of 4/20, 5/2, 6/7
Shoulder line connecting the lows of 4/25, 5/16, 5/31
Shoulder and neck lines form a slightly up-sloping channel with the upper boundary around 2265 and the lower boundary currently around 2100.
Given the duration of the the left shoulder, it seems to me unlikely that the pattern will resolve very quickly as the right shoulder is only a week old. I suppose it's only my symmetrical-luving mind which would like to see the right shoulder build out more; kinda doubt there's any reason why
it couldn't resolve sooner. Just the same, I'm theorizing and predicting here that the comp takes a trip now to the shoulder line, and then just for fun, takes another trip back up to the neckline. I'm thinking a trading range is likely
for the next couple of weeks before the ruble (I mean rumble)
begins in earnest.
Given the break of the trendline on the 60 min chart of the move from 5/31-6/7, it looks like a no-brainer that the next couple of days action should be to the downside...suspecting at this point that the shoulder line will again save the comp
from falling lower.
I'll be watching the vix and volume for clues over the next weeks for evidence that the real rumble has begun. Of course,
a break above the neck or below the shoulder should signal
something significant either way.
So, I guess I missed the Sundae Beach Party...darn...gotta quit puttin in these 7 day work weeks! LOL
At least I can go home and watch the 76ers give the Lakers a run for their money in PhillyLand and have a beechin time...
Taking the points on that rumble.....
e |
