TW: I see the flag (15 min charts) trying to form on the IND, SPX ,NYA and OEX. I usually check out more than one indice to confirm. Flags/Pennants usually break in the direction of the trend.
I see one big problem...NASDAQ...has no pole..just one big gap! This troubles me! I would expect it to be filled. <g>
You should note, the 60 min charts, IND, SPX, NYA, SPX, OEX and COMP show the possible conversion of the pennants to flags. If these formations hold, they should break in context with the current overall down trend!
However, if the five minutes flags break to the upside, with more than just a violation, this would invalidate the 60 minutes charts. And, should confirm further upside movement, at least short term.
BWDIK
Regards,
LG |
