Slope of Hope Blog Posts
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Four Patterns and a Theory
All seven of the IHS patterns that I’ve been watching since the lows last week have now made target apart from TRAN and RUT, and of those two, TRAN has come so close that if it failed here, I’d consider it a technical hit. RUT has barely made it out of the gate of course, but I have a theory about that I’ll be coming to later in this post.
I also now have decent trend patterns for this move up on five of those US indices, and passable patterns on the other two, so this move up has now taken form, and a retracement of some kind should be coming shortly.
SPX obviously made a new high yesterday, and that new high was not immediately rejected. If we see higher today, which isn’t a given as all seven patterns have already hit their resistance trendlines, then the obvious target is the daily upper band, now at 2001. SPX daily chart:
