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Could this be a very lopsided inverted head and shoulders?fehro wrote:SPX 5m..triangle .. continuation/ bear flag..
Per KeiZai, new update today.uempel wrote:UBS published this chart 10 days ago. Shows bullish scenario A) with 1839 as low and B) with 1815-1795.
Looking at this week's market action - so far I've got difficulties to read it as "a low"
Putin Man-of-War against dovish Yellen Soft-SpeakMr. BachNut wrote:This is just a blow up of my daily to highlight significance of this mornings low.
50 day MA was pierced.
My middle Keltner band (55 day exponential) was pierced.
My red rising trend line from the November 2012 low was pierced.
There is also an observable widening right angle triangle pattern. Upper side connecting recent highs with a rough but flat neckline around the 50 day MA level 1840ish.
I have marked it with a thick red line. This morning would be the third test of this neckline area. So, bulls might have a hard time holding a fourth test.
(It may evolve into a head and shoulders at some point.)
As usual, I have no idea what will happen, but I think if this morning's low were to be broken (especially on a closing basis), the bears may go dancing.
The 50 day MA has held several times, and it may hold again today. Bulls have consistently stepped away from the precipice for long while.
A true break of the 50 day on the other hand would be a clear change in technical character for the market. We shall see.
FOMC minutes are out tomorrow (2PM), by the way, so some dovish fed speak may do some handiwork tomorrow.
don't like it.. sloping necklines on invs H&S work better if they are sloping from left down to right on invs H&S.. and sloping up from left to right on H&S .. if that makes sense.. these slightly higher highs pushes it to more of bearish rising wedge...ALdaytrade wrote:Could this be a very lopsided inverted head and shoulders?fehro wrote:SPX 5m..triangle .. continuation/ bear flag..
I think that there is an inverted head and shoulders on the five minute.fehro wrote:don't like it.. sloping necklines on invs H&S work better if they are sloping from left down to right on invs H&S.. and sloping up from left to right on H&S .. if that makes sense.. these slightly higher highs pushes it to more of bearish rising wedge...ALdaytrade wrote:Could this be a very lopsided inverted head and shoulders?fehro wrote:SPX 5m..triangle .. continuation/ bear flag..