A quick drop in Mid-afternoon got the bears all excited and the impulsiveness was a good one, only to have it reverse by end of day. We have our target (1658) reached by the SPX and made a high of 1661.49 today. The best way is to let this play out for more conviction on a trend or pattern. The Short-term trend looked like it was going to close to the downside today only to end the day staying where it was yesterday... UP. Lets see what tomorrow brings.
Mid-Term: UP
Short-Term: UP
The SPX is still divergent on a daily and 60min time frame. With a upper BB piercing on a Weekly (Since Jan 2013), and Monthly (since Sept. 2012) chart.
The Weekly chart shows a proportional height of the A = C pattern as well.
Fractals:
I'm new here, would u explain what u mean by a "reactionary day", does it mean a day where it goes down big ? Thanks.
ReplyDeleteReactionary dates are possible days where an impulsive move might occur (big moves). it helps to see where high probability trends favour by looking at your indicators that works for you.
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