Stock Market Symmetry
Watching market moves unfold can sometimes be a thing of beauty.. I know what you are thinking, I've been looking at too many charts for way too long! You're probably right but seriously, sometimes I am in awe at the symmetry that exists in the market every now and then.
In the above chart of the S&P you can see that the market rallied to the top of the channel and is now selling off. What I find so fascinating is that this last rally lasted for 29 trading days which is identical to the November/January rally. Even the price rise of this rally is about the same as the November/January rally.
In my opinion I think the S&P will sell off based on the above chart and the post I did earlier on the NASDAQ which was also bearish. Lets see how things unfold.
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10 comments:
Do you think it will be a lower low vs higher low?
It's hard to say.. Lets first see if the market even sells off here.
Looking like SPX 740 is coming.
Good observation, thanks for sharing and keep 'em coming.
-DaveT
I have enjoyed reading your blog for quite a while. I was wondering if you might share some personal details about yourself. Background, etc.
I know it has no bearing on the info you are sharing, but I am curious.
I think this a elliot 2 wave pullback if the low doesnt get taken out and if so,we can see a rally lasting probably upto 2yrs finally taking us to about 1150 on spy.
I have to agree with your take on where we are headed . I was wondering what does a head and shoulders pattern ( usually ) led to ? and what effect does a wedge have ?
From my side I think we still have a little wiggle room left to go up , then we go back and find out where the next low is and my guess is it will be a higher low.
Thanks for any comments .
Im unclear which elliot wave spy is in.However,Natural gas is in wave 5.Gold is in wave 4 of bigger wave 3.Spy is either in wave 4 of 3 or wave 4 or is done with wave 5 and is in correction abc wave.
Time to have a look at gold again.
After frustrating everyone with false starts both on the upside and downside it seems it is finally curving a bottom between 85-88.5.
Costas
I love seeing the markets move in line like this. It amazes me how accurate some things like fibonacci and channels etc are. I wouldn't be surprised if we see a higher low (than the support level at what appears to be 660) possibly at 700? and an ascending wedge form from there on. Of course I'm only hoping, the markets don't always fall in line like we might hope them to ;)
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