So the reversal on the daily charts failed now or we are
retesting the bottom? Can you tell?
Answer: Too early to tell but for now we are seeing a retest.
The intraday charts pointed to a pullback as I posted below
and thus a reason to take at least partial profits on my
part.
We could be better defining the falling wedge on ES_F or
SPY/SPX. We could be creating a W Pattern on an intra-day basis if
we firm up at the lows of yesterday either on ES or SPX. We could
be really testing the September and August lows since yesterday we
challenged early October lows, or we could be breaking one channel
BPT has highlighted in SPX daily views above and begin the path to
test the lower trend line taking us back to 2009 trend lines.
One thing I noticed yesterday was that the intra-day patterns
had more of a bearish diamond look than bullish reversal. The only
bullish view was that we snuck out of the wedge late day on
SPX.
Looking at OIH, or XLE I am looking for a potential right
shoulder to develop today.
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SPX 15 View
Posted by steve on 14th of Jan 2016 at 03:35 pm
$SPX - Chart Link -smaller rising wedge on SPX
Rising wedge yesterday afternoon achieved
Posted by steve on 15th of Jan 2016 at 07:16 am
Rising wedge yesterday afternoon achieved and exceeded its measured move of 1900...
So the reversal on the
Posted by junkie on 15th of Jan 2016 at 07:56 am
So the reversal on the daily charts failed now or we are retesting the bottom? Can you tell?
Answer: Too early to tell but for now we are seeing a retest. The intraday charts pointed to a pullback as I posted below and thus a reason to take at least partial profits on my part.
There are a few possibilities imo
Posted by zitron on 15th of Jan 2016 at 08:07 am
We could be better defining the falling wedge on ES_F or SPY/SPX. We could be creating a W Pattern on an intra-day basis if we firm up at the lows of yesterday either on ES or SPX. We could be really testing the September and August lows since yesterday we challenged early October lows, or we could be breaking one channel BPT has highlighted in SPX daily views above and begin the path to test the lower trend line taking us back to 2009 trend lines.
One thing I noticed yesterday was that the intra-day patterns had more of a bearish diamond look than bullish reversal. The only bullish view was that we snuck out of the wedge late day on SPX.
Looking at OIH, or XLE I am looking for a potential right shoulder to develop today.