Loading ...Broads Weekly Charts H&S Pattern Updates
$INDU is the only one that still hasn’t broken. My concern now is of possible back tests to the base/neckline. $TRAN is a bit of an outlier because of it’s correlation with $WTIC. Then again, I guess you could also say it’s a leader.
Looking at ZH’s twitter feed, it also looks as though Iranian sanctions are going to be lifted next week. (Iran has already released US prisoners from their jails and they are on their way to Geneva in the company of the Swiss ambassador to Iran.) If Iranian sanctions are finally going to be lifted, that should put more pressure on $WTIC, high yield credit, etc., (assuming it’s not already ‘priced in’), which could further drag down $TRAN and possibly take some of the broads down with it.
Lots to think about.
Excellent Post Jenkins
Interesting FA to go along with striking TA
Goltenters keep an eye on this guys work if you want to know what’s going on in the markets
Thanks Fully.
Line charts are so much easier on the eye…I need to use these more myself. Neck to neck comparison gives a clear picture of the macro perspective. The HnS pattern is one of my favorites even on the 15 minute charts–after completion of this pattern the end result is usually dramatic.
Nice charts JL. It makes it easier to understand whats going on, when they are all grouped together like this. I might start doing the same…takes up less space too.