Well, that’s just a shame. Add another potential reversal chart to the ashbin of permabull history. The Dow Jones Composite diamond pattern is no more….
Slope of Hope Blog Posts
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Rising Wedge Broken
The rising wedge I was talking about yesterday morning broke down and retested during the day. We are likely to see some retracement here and possibly a significant high. If we are looking at a retracement my minimum target area is the 23.6% fib retrace in the 2073 area, but my usual target range would be the 38.2% fib at 2055, the 50% fib at 2041 and the 61.8% fib at 2026. I would note that the daily middle band closed yesterday at 2053, so we might see a retest of the daily middle band. SPX 5min chart:
In a Matter of Moments
When I saw the big ES spike and reversal from the comfort of my bed’s iPad this morning, I figured it was just a bad data spike. Not so. Turns out that Greece finally was willing to shout “Uncle!” to which Germany replied “Nein.” No deal yet. This is getting tiresome, isn’t it?
