Tuesday, May 19, 2009

Could This Be True?




The charts keep morphing into more and more 'hard to believe' patterns. We now have to what appears to be bullish triangles that if true and play out then we should see bullish breakouts to new rally highs sooner rather than later.

4 comments:

Blue said...

Market holiday on Monday, lets break out some new highs or dump this rally already. My patience is starting to run out.

Stewie..15min charts with fib lines. I know you're not a fan of fibs, but I'm telling you. Every chart I'm looking at, including SKF, has been fib friendly for the last two weeks. XLF in particular. I think with this low volume the market is really adhering to fib setups.

Stewie said...

hi blue. so if you are telling me to plot 15 min charts and fib lines on XLF (from may lows to may highs) and to expect a turnaround or a bounce from that 11.80-ish level? then, i'd have to agree with you :-)

Anonymous said...

the pattern on the dia is starting to look like a double top to me, but i'm a novice. stewie??

Stewie said...

sentiment is still too negative for a doub top. stick with longs. breakouts look imminent.

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