If we manage to finish up this week, a very sharp reaction should follow.
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| One more touch of the wedge top |
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| Larger picture, with 3PDH overlay |
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| One more touch of the wedge top |
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| Larger picture, with 3PDH overlay |
5 comments:
Nice for you to keep up your work here Christian. Agree with your comments about Karl about tickerforum.
Thanks
Thanks, Rajeev. It was actually a good thing for me to leave and go B2B (back to blog). All my old friends are here, lurking.
Now if we can only get some lift in this silly market.
If we can't ... well, the lower edge of the pink wedge in the first chart here puts us at a 1400 close on Friday.
Following Goldmans call yesterday for no meaningful QE by Fed, think the pain trade into opex was a move back to 1415-20 range.
What do you reckon? wave 4 and 5 to go of this wave 5 from 1397? Can it reach all the way to 1430 or a failure is possible?
I agree with a lot of folks who believe that we have an imminent top of some significance.
I don't agree with anyone who wants to claim that its the final top, much as I would like to.
My weekly charts are consistent with a downturn, but not one that's terribly deep.
None of my monthlies point to an oncoming multi month rally for SDS, TZA, etc. The preconditions for that simply aren't there, based on back testing.
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