THE PATH TO 350: Day 6
Charts updated for end of day prices. So far, so good.
Going to have to think about the EW count a little more, but I take great comfort in the fact that the midline of the channel effectively capped today’s rally.
And, an updated chart on the 2011 v 2008 analog…
For an important discussion about the comparison, see Tell Tale Fart.
EUR/USD should get one more push down to 1.31 if only the Bat plays out — 1.16 if it’s the crab instead.
Take a look at Apple, which just broke through a rising wedge 5 years in the making. It could and probably will backtest for a while. But, this is market leadership showing its hand in a very negative fashion.
It’s developing a bullish Crab pattern that indicates a potential reversal, but not until we get to 340.
That’s a big drop from 422 on Sep 20, when we noted the very bearish, completed Crab and Butterfly patterns.