Sunday, April 19, 2009
2 or 3 days of consolidation up here?
Stay tuned. I believe I have identified several key indicator points that will give us the turn at least on the right day if not in the right hour (I hope). This is the second chart in my chartbook and you can see it much better in Stockcharts. I am working on the weekly version of this same thing. According to this I am now of the opinion this may possibly be the end of P2 as Kenny has qualified a valid ABC pattern and notes that the move up has qualified the retracement as valid enough for P2 to possibly be over. It sure looks like the end of a cycle in all ways. If it is not the end of P2 and just (A) of 2 then (B) should be pretty strong. 770 to 750 range. We'll have to see. It would not suprise me to see this manipulated market make a shallower pull back and remain overbought. GL today.
UPDATE: The weekly chart still has room to run. Maybe this turn down will cause a reversal in the weekly, but maybe not. Weeklys look like they want to run still. Who the heck knows?