The bearish head and shoulder pattern is still intact. We might be finishing a 2 of 1 of 5 wave down...or if you are a p2 fan...wave 2 of 1 of P3. Regardless we retraced 62% of the high and it looks set to drop from here. A target for the head and shoulders pattern would be about 81.85.
The daily stochs are approaching over bought territory. The daily candles have formed a bearish engulfing pattern. An EW target for the bottom of a 3 of 1 would be 82.2. This puts the EW target in the neighborhood of the H&S target. Things are starting to line up.
CPCI:CPCE has crossed over and the 30 continues to drop much faster than the 50.
BPSPX:CPC crossover a few days back has confirmed my belief that the market has turned.
The VIX:SPX has bounced on a support line that was formerly resistance.
The bearish head and shoulder pattern is still intact. We might be finishing a 2 of 1 of 5 wave down...or if you are a p2 fan...wave 2 of 1 of P3. Regardless we retraced 62% of the high and it looks set to drop from here. A target for the head and shoulders pattern would be about 81.85.
The daily stochs are approaching over bought territory. The daily candles have formed a bearish engulfing pattern. An EW target for the bottom of a 3 of 1 would be 82.2. This puts the EW target in the neighborhood of the H&S target. Things are starting to line up.
CPCI:CPCE has crossed over and the 30 continues to drop much faster than the 50.
BPSPX:CPC crossover a few days back has confirmed my belief that the market has turned.
The VIX:SPX has bounced on a support line that was formerly resistance.
1 comments:
Great stuff! Keep it coming...
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