All you snow skiers know that
Double Black Diamonds are as dangerous as runs get, well
I now see a double back diamond in the stock SPY.
I've never seen a double before!
A Diamond pattern is rare and bearish and the projection is the
width of the diamond, the first is -$18 with a target of $97 SPY,
it now looks like we have drawn another and broken down out of it,
the projection will be for another -$14 or $93 SPY.
Also, keep an eye on the current
down channel off the top of $122, if we do see a rally I expect it
to stop and turn back down on that line and that will be a great
short set up if you need one. Also, we can rally back up to $108
and still not break this pattern which would be another good
shorting Op.
Double Black Diamond !!
Posted by ditch on 25th of Aug 2010 at 01:33 pm
SPY
great!
Posted by sue2 on 25th of Aug 2010 at 01:55 pm
Great chart and analysis, ditch. thanks very much for showing and explaining it.
thank you so much!
Posted by hirahara on 25th of Aug 2010 at 01:45 pm