Welllll, maybe for a little ways!
I updated the OEX daily chart on the web site. Ignore all the rest of the charts because the daily is the only one I had time to update but I think it will tell the story.
angelfire.com
Up until yesterday we were forming a "W" on the OEX 60 minute charts, curiously enough the top of the right leg coincided with the down trend line. When it broke above it yesterday, the rules for the "W" translate it up to 571. This is where it gets interesting. On the daily another "W" is forming with the top of the right leg at --- yep you guessed it, 571. If this one pops to the up side it translates to 597. The only problem with this is the green downtrend line which is at ~580 or so.
I'm not saying that we can't break this green line to the upside, but if we get there, I will be a doubting thomas. gggg
All this says that if the Big Dog raises his right leg,,,, Piss on it!!! gggg
Have fun, stay sane (what ever that is) and make money!
Good luck
Paul |
