For those of you who see the “head and shoulders” pattern and are thinking that we are making a “right shoulder” now… which should lead to the market rolling over tomorrow or Thursday, I have to disagree.
I see that smaller H&S but I also see the larger “Inverted H&S” that tells me we are going up much higher… and soon. The move down yesterday is very likely the “B” wave down with the “A” wave up ending at 1349 on the ES and 1335.52 on the SPX.
I see the “C” wave up starting now and continuing until around 1370-1380 range on the SPX and a little higher on the ES. The 4h, 2h, and 60 minutes charts support this move up, and the daily could too (it’s could go either way… up more, or rollover and go down).
The key here is for the SPX to breakout above around 1325 where a downward sloping trendline keep it in a triangle. We bounced off the lower rising trendline and held so far. I think the next move is up… and up strong! Bears beware, as “if” 1325 is pierced by a gap up tomorrow then it’s off to the races for the bulls.
If 1325 is rejected and we rollover, then the bears win as 1310 area won’t hold then next hit of it. I then see a new low coming, not just a right shoulder (RS) in the 1290-1300 area for the larger “Inverted H&S” pattern… as I think we have already made 2 smaller RS’s and 2 deeper LS’s already.
Keep in mind you can have a phone number roll into another phone number. I knew a guy who had an Aspen CO phone number when he never even lived there. He wanted to give the illusion that he had a house there lol.
Gold chart…
http://screencast.com/t/t5KDrkbUQI
SILVER Chart analysis:
http://niftychartsandpatterns.blogspot.in/2012/06/silver-chart-analysis_13.html
I see a reversal higher.
I don’t like it, but it’s a very possible scenario.
look at this chart, and ask yourself “what if it was Oct 6th?”
http://stockcharts.com/h-sc/ui?s=$BPSPX&p=D&yr=0&mn=10&dy=0&id=p77645315104
-Gerb
SPX Analysis after close:
http://niftychartsandpatterns.blogspot.in/2012/06/s-500-analysis-after-closing-bell_13.html
For those of you who see the “head and shoulders” pattern and are thinking that we are making a “right shoulder” now… which should lead to the market rolling over tomorrow or Thursday, I have to disagree.
I see that smaller H&S but I also see the larger “Inverted H&S” that tells me we are going up much higher… and soon. The move down yesterday is very likely the “B” wave down with the “A” wave up ending at 1349 on the ES and 1335.52 on the SPX.
I see the “C” wave up starting now and continuing until around 1370-1380 range on the SPX and a little higher on the ES. The 4h, 2h, and 60 minutes charts support this move up, and the daily could too (it’s could go either way… up more, or rollover and go down).
The key here is for the SPX to breakout above around 1325 where a downward sloping trendline keep it in a triangle. We bounced off the lower rising trendline and held so far. I think the next move is up… and up strong! Bears beware, as “if” 1325 is pierced by a gap up tomorrow then it’s off to the races for the bulls.
If 1325 is rejected and we rollover, then the bears win as 1310 area won’t hold then next hit of it. I then see a new low coming, not just a right shoulder (RS) in the 1290-1300 area for the larger “Inverted H&S” pattern… as I think we have already made 2 smaller RS’s and 2 deeper LS’s already.
http://www.screencast.com/t/jV1ZGB1xlkoy
EURUSD Support level:
http://niftychartsandpatterns.blogspot.in/2012/06/eurusd-support-level.html
Keep in mind you can have a phone number roll into another phone number. I knew a guy who had an Aspen CO phone number when he never even lived there. He wanted to give the illusion that he had a house there lol.
Oh… ok. Thanks for that info.
ES Support and resistance:
http://niftychartsandpatterns.blogspot.in/2012/06/es-support-and-resistance-levels.html
That video was posted 1.5 yrs ago… maybe he moved.