Slip Sliding Away

We’re getting dangerously close to our downside target range of 1295-1323, first discussed back in April. 1349.42 — .886 of the purple Butterfly (tagged) 1343.41 — 1.272 of the yellow Crab pattern (tagged) 1340.03 — horizontal support, prev. Point X  (tagged) 1323.85 — 1.618 of yellow Crab (next) 1317.63 — 1.272 of purple Butterfly 1289.14 … continue reading →

Charts I’m Watching: May 3, 2012

NOTE:  New on the MEMBERSHIP>MY PROFILE page, a sign up area that will allow subscribers to be texted whenever a new post is added or added to [note:  additions don’t seem to be generating additional texts — working on this].   I tested it last night, and it took only 3-4 minutes for a SMS … continue reading →

Going Out on a Limb

In spite of the indecision demonstrated in this morning’s post, I’m seeing a channel set up on the RSI that’s tilting me slightly more bearish.  It’s the dashed, red channel on the chart below. Remember, everything that’s happened since April 4 is technically a back test of a broken rising wedge — unless we break … continue reading →