UPDATE: 5:35 PM S&P cuts Spain two notches, from A to BBB+, based on contracting economy…cites declining disposable income, private sector deleveraging, front-loaded fiscal consolidation and an uncertain outlook for external demand in many of Spain’s key trading partners. UPDATE: 3:25 PM Here’s a close up of the alternative path, which looks stronger with … continue reading →
Tag Archives: rising wedge
The analog we’ve been watching since April 9 is playing out nicely so far. We got the original bounce at 1357 as forecast, followed by a rise to the middle of our 1380-1400 target range. The H&S pattern we expected did, in fact, set up and complete yesterday. Now, we’re back testing the little channel … continue reading →
The Dow is setting up with the same chart patterns and harmonics as SPX, leading me to believe it’s also on the path to completing an analog of its Feb-May 2011 top. The big difference is that DJI already came very close to and reacted off its .886 Fib. However, this doesn’t trouble me too … continue reading →
EOD: 2:25 AM SPX overshot the Crab’s 1.618, whichever Point X we use. The next major lines of harmonic support are are the red pattern’s 2.24 at 1342, correlating with the purple pattern’s 2.618 at 1341. Given the level of oversold on the day, here’s an alternative view. UPDATE: 11:55 AM The Crab Pattern … continue reading →
ORIGINAL POST: We’re finally seeing reactions on the harmonic pattern completions we’ve been watching for what seems like forever [see: Everything’s Coming Up Crabs.]RUT completed a Crab Pattern (in red) within the last leg of a Bat Pattern (purple) off the 2011 highs. It never has cleared the TL off the May and July highs. … continue reading →