This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
If this was a daily chart, it would be a bear market. It’s not. It’s just 2 hour bars. And last week’s triangle breakout looks like a bottom. The current pullback would be a test of the low, and it appears to have reversed in the last hour, as of 6 AM New York Times.
Switch to the hourly bars, and this does look like a 5 day cycle low starting to form here. But at the same time, there are still several downtrend channels still in force. The test of whether the hourly chart bear market is complete will come when the current pop tests 4365, 75, and 85, if it gets to those levels. Clearing 4385 would suggest that a good short term bottom is in place. A rollover below that would suggest that the 10 day trading range is a consolidation in a downtrend.
This is just the intraday look. For more: Head and Shoulders Above
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.