Besides the channel, the 60 is also forming a bull flag now. I expect a pop in the last hour of the day. I think we will go up to that FP around 111.28 spy.
The 60 minute chart has turned up now, and we have a bull flag on the 15 minute chart… plus it's forming a triangle pattern, which I suspect will break out to the upside before the day is over.
Keep your eyes on that VIX Jim as the last time we sold off hard, a big buyer came in days before and loaded up on Calls. The daily chart could rollover within few days, which would cause a big sell off.
The 5 and 15 minute charts are pointing up now, but the 60 hasn't followed yet. We might go back down a little more (not much, if any), but within the next hour I expect it to point back up too, and the market should rally the rest of the day.
Besides the channel, the 60 is also forming a bull flag now. I expect a pop in the last hour of the day. I think we will go up to that FP around 111.28 spy.
Dow Jones in a channel
http://niftychartsandpatterns.blogspot.com/2010…
The 60 minute chart has turned up now, and we have a bull flag on the 15 minute chart… plus it's forming a triangle pattern, which I suspect will break out to the upside before the day is over.
It won't be too many more days before the daily chart rolls over… and that's when the real fun begins!
Replay of yesterday. Ridiculous. More days like this, and we'll all have gray hairs
They just threw a 110.40 FP…
That's the 5 minute chart rolling over. I don't think the selling will stick though, as the 60 should roll back up within a few more bars.
Keep your eyes on that VIX Jim as the last time we sold off hard, a big buyer came in days before and loaded up on Calls. The daily chart could rollover within few days, which would cause a big sell off.
What an absolute farce.
The 5 and 15 minute charts are pointing up now, but the 60 hasn't followed yet. We might go back down a little more (not much, if any), but within the next hour I expect it to point back up too, and the market should rally the rest of the day.