Thursday, December 4, 2008

All sorts of bad things for Friday!

Ok...not only did the rising wedge come through for us earlier in the day, but we formed an actual valid head and shoulders pattern that was successful (I say valid in that H&S patterns are only valid when they are formed in a rising trend.)
We also formed a very classical bear flag at the end of the day near resistance. This bear flag showed hints of a rising wedge towards its edges.
On top of that we formed a much larger H&S pattern with our intraday H&S acting as the head.
Aroon oscillator went had bearish crossover on al time frames below 30 minutes. McClellan is currently neutral though. Demark Indicator is over sold.

All and all I would think tomorrow is going to be a tad bit down, no matter what the jobs number says.