Friday, November 20, 2009

One last one before I leave

I am sure you are all familiar with island patterns. Now looking at spy and adjusting price based on the island reversal look what its forming here? Yes a very long 4th wave, bull flag, lower bullish wedge. Whatever you want to call it. If you forget about what happened before this chart (emm yeah the 9 month crazy rally that many are saying is coming to an end) then all I see here is a corrective move that should be finishing up shortly to come to new highs.

Remember what I said yesterday - too many charts, too much over analyzing will play tricks with your mind.

1 comment:

  1. of course this contradicts with the time cycle projection I had posted 2 days ago stating that we had created a short term top this week at least for the next few days.