You can clearly see the series of higher highs and higher lows from this chart
Maintaining higher lows and highs is essential for the bullish count. Violating that with a lower low does not invalidate all bullish alternates but increases the probability of bearish scenarios.
The lower line of the pink channel provided support yet again. It's being tested a bit too frequently for my liking
The whole thing from the low of July 20 may have been a diagonal.
The entire move from July 1 may have been an ABC correction up.
Longer term charts are positive, and benefit of the doubts may go to the bulls however weak and sluggish they might have been lately. Still, I need to stay open and prudent not to let gains evaporate. That is my game plan.
Now, the world probably will go flat awaiting the Fed Matinee
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago