Many similarities to the pattern that formed prior to the election. I guess some people would call it a fractal. I am still bear because the rising consolidation is similar to a rising wedge in that they are both bearish no matter how you entered the pattern. Both are fight between the bulls and bears before further direction is determine, the majority of the time it will be bearish. It is not guaranteed.
But along with that, we are currently over bought on the stochs in multiple time frames. If you consider we might trace out a similar pattern, we will hit a bottom around 12/14 (Bradley turn date...go go gadget Tea leaves!)...then we Christmas rally, perhaps something similar to 11/13 -11/14...but more stretched out. Then a slide into new lows in mid Jan...(which might be close to the 1/20 Bradley Turn date).
Ok I don't believe in Bradley turn dates...but what the heck they seem to line up :)
1 comments:
Nice blog. Big Trades for you. I have a blog to I don`t like blogspot comments. Just like Attila is better.
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