There are no other words to describe the symmetry between these two chart patterns than simply beautiful.
I purposely left the scale and dates off the charts as to not distract your eyes. It is simply too powerful to ignore yet that is what many have done, self included over the past two weeks as the 200MA blurred our vision. A somewhat meaningless number took our eyes off the pattern playing out before us.
Again as to not distract your eyes I color coded three distinct phases (phase 1 in orange, phase 2 in purple and phase 3 in blue). Notice the symmetry once again. But to me what is most powerful at this very moment is the position of the last few candles and the moving averages.
Notice the big move down to take out the 100MA (orange line) followed by the next candle that is a failed back test.
Lastly and most important notice the position of the moving averages. Red (200MA) sits above green (20MA) which sits above purple (10EMA) which sits above orange (100MA) which sits above the lower Bollinger Band.
I will not tell you what comes next once again as to not distract your eyes. You can pull up an SPX daily yourself and see. I even left off the dates 2008 VS 2011. Can you tell which is which?
Submitted by MacroStory.com