Jeff...
Can't forget the Bullish potential.
Maybe the trade is setting up a bear trap....? <smile>
Weekly Inverse Head and Shoulders on the DJIA
stockcharts.com[h,a]wjhaniay[de][pf][vc60][J10155432,Y]&pref=G
Weekly "W" on the DJIA
stockcharts.com[h,a]wjhannay[de][pf][J10931642,Y]&pref=G
This is a solid clean "W" formation and a classic. I like them better then H&S
Cash S&P500
stockcharts.com[h,a]wahannay[de][pf][j10903970,y]&listNum=8
There seems to be some normal resistance areas to which we have quickly approached. They are noted in this SPX daily chart.... and should produce some profit taking. The trade should make the bulls nervous this coming week by shaking the tree. If that doesn't get out of hand because of bad news off the wires..., the buyers will return and the price will get pushed over the 2nd Gann 25, over the trading line, over the lavender-median line and resistance band, over the 50% retrace...., finally reaching for the blue median line at 1050±.....
Over the last 2.5 years the cautious bull moves in a bear trend have produced tops that were sold hard. This has got to reverse and the dips need to be bought hard.... someone's resolve is about to be tested.
My Best,
Chip |
