Today, I got a series of my favorite "Three Drives Patterns" for you Slopers. I am seeing this pattern in SPX and RUT, hourly and daily. Or is this one of those examples of "when you get the hammer, all the problems look like nails"?
If the Friday's low holds, this will make a very nice three drives pattern on the hourly chart.
Although I cannot stop the bears from calling SPX 300, I could still present a very clean IH&S pattern on NDX. If this pattern holds, there is going to be another run up after this consolidation toward the end of the year.
This is not as clean as NDX, but RUT is also forming a right shoulder of the IH&S pattern.