Potential Analog: Oct 15, 2013

Another day of assurances that everything’s going beautifully, just a few loose ends to tie up, etc.  The talking heads are certain it’s a non-event.  I remain, shall we say…uncertain.

In the meantime, ES tagged the .786 retrace (in purple below) from the all-time high overnight and retreated to the neckline of a rather imposing looking IH&S.  In the past hour, prices have slipped below the neckline.  (SPX came within 0.98 of its .786.)

As discussed yesterday afternoon, the .786 is a great place to try a short [always use stops — especially in highly unpredictable situations!] Besides the channel and harmonic indicators, there is a potential analog in play.  Actually, two of them.

continued for members…


Sorry, this content is for members only.

Click here to get access.


Already a member? Login below

Remember me (for 2 weeks)

Forgot Password