Not sure how many of you remember this chart? but a few months ago i did a historical Chart Study to compare this current rally to previous rallies we have seen in the past 3-4 years. Parabolic rallies have NOT been that unusual to see over the last few years. We have seen several of them. This current rally is now up about 15% from the November lows and based on historical rallies we have seen since 2010, almost every single "parabolic" rally has moved up somewhere around 15%(give or take 1%).
As you already know market Tops are rarely a ONE DAY event and i am not saying we are at a TOP now but based on history and this SPX chart, we certainly need to be pay closer attention right now. SPX could easily move sideways, churn and chop for a few more weeks before rolling over to downside like it has done before big previous corrections.
That remains to be seen but the warning signs are starting to manifest themselves.
No comments:
Post a Comment