Neither XLF or BKX were able to take out yesterdays highs
and both have potentially ominous looking MACD . Also a potential
5th wave top as suggested by BPT in XLF.
I've been keeping an eye on Goldman Sachs (5 min chart showing
strength) on the basis that it's the proxy for XLF. We've been
bouncing around between 160-170.
If we break and hold above 170 then I'll stay long.
If we breakdown below 160 then I'd say there's a good chance
that the wave 5 is in and the weekly and monthly chart's resistance
- monthly chart (20)MA - will play out. Seems like we are drifting
sideways short term.
XLF, BKX
Posted by rbreese on 25th of Aug 2009 at 10:50 am
Neither XLF or BKX were able to take out yesterdays highs and both have potentially ominous looking MACD . Also a potential 5th wave top as suggested by BPT in XLF.
Head and shoulders
Posted by manson805 on 25th of Aug 2009 at 11:30 am
Lets see how it plays out. If the H & S is valid then we don't wanna see GS go back over 166.
GS
Posted by manson805 on 25th of Aug 2009 at 11:07 am
I've been keeping an eye on Goldman Sachs (5 min chart showing strength) on the basis that it's the proxy for XLF. We've been bouncing around between 160-170.
If we break and hold above 170 then I'll stay long.
If we breakdown below 160 then I'd say there's a good chance that the wave 5 is in and the weekly and monthly chart's resistance - monthly chart (20)MA - will play out. Seems like we are drifting sideways short term.
GS
Posted by glennsexton on 25th of Aug 2009 at 11:17 am
appears to have formed a H&S pattern