Sunday, March 29, 2009
I think we've topped.
I am of the VHO that we've topped and the sell off begins Monday or Tuesday. The pop up some are expecting won;t be big and if it happens it will be brief. Lots of charts (of the 86 I chart) are above 61.8% retracements, indicators are topping out and rolling over, wedges are ending or have ended, key resistance lines or trend lines for previous channels are being tested, SPXA50 topping out, CPC rising and various other items have me pretty convinced the end is now or very near. The two charts above are just a sampling of the things I have mentioned above. DO and RIG have begun the pull back already. Will oil lead? BAC and C are forming pennants already that will fail IMO. Another thing I am seeing is that the pullback may not be as large as some are predicting. Just the way the channels and retracements lay out it appeares that the pull back will be shallow IMO. GL this week.
Update - I just looked at the futures and SPX is at 805. Off 21 and 2.5%. You can see from my posts earlier that I thought this would be it! Let's see if I was right or if the PPT proves me wrong.