The DOW is sporting a decade long Cup with handle formantion which is bouncing off a FIB line. It would be pretty easy to go long and place a tight stop just below the level.
Extreme caution going long here because if this pattern fails the bottom could be tested.....
Hmmmm the S&P looks exactly the same.....
However the laggard of the crowd the Nasdaq throws the brakes on a bit and adds that there could be a bit more downside first.
One interesting thing is the Slow stochastic line (the red line in the bottom of each graph) has yet to start turning or bottoming out. Seeing this in all three major indices tells me to be patient going long here and keep your Call and Long powder dry till an uptrend is confirmed.
No comments:
Post a Comment