Loading ...Breaking on Down….
The Dow, S&P, and Nasdaq all broke down from short term patterns today after some bullish action yesterday.
The Dow is ripe for a little island reversal gap down tomorrow morning if things go right.
I held my shorts yesterday because I’m hard headed, and it’s how I like to lose money… lol. Also, I saw the Nasdaq was close to a double top and that the Dow utilities had began a pullback yesterday making me think a turn was going to happen….
Good luck all…
Tomorrow will be the tell – they could reverse it back up from here or we begin an impulse down
Interesting how the USD moved higher and the markets took it on the chin.
You and me both Chuck…still in with a small short off the Naz chart.
What are the odds these indices top WITHOUT a head and shoulders?
What are the chances the left shoulder was formed BEFORE the scary drop? (or, did it complete the LS?)
Anyone else see the dollar about to reverse back down for the next few weeks, sparking a risk on relief rally? (I do.)
I don’t know answers to the first two, but I do see the third and so I’m not AT ALL convinced we’re dropping again here NOW. Soon enough, yes. But not just now.
I’ve made my views known in the past. I think we’ll create big continuation patterns to the upside and this is just a pause to much much higher for the next 6 years…
I think the Dow will Form a bull flag and hit its 200dma.
I think the dollar has bottomed also…
That’s still the most likely pattern Chuck…Rambus has been showing this….The pattern could take many months to a year or more…..could be worth a shot at trading both sides.
Onward…Dow 100,000 🙂
Fun times 🙂
Just hope it’s quick. This couple year gold consolidation has been painful! Ugh.
Chuck this is why I am looking closely at tomorrows action:
http://schrts.co/FPKsEm
http://schrts.co/euabai
Gotcha. Let’s hope we plunge on down through that. You’re still short right?
Yes – still short Chuck, but with a short lease
Its not ready to dive, quite yet.
Odds go up for next week and week after.