Wednesday, March 18, 2015 10:56:03 AM
Pretzel update:
http://www.pretzelcharts.com/
Not your usual Bottom if it was a Bottom.........
"In the last update, I maintained my neutral stance of March 13, but did note a few inflection zones -- specifically 18,000-090 on INDU and 2080+/- on SPX. Monday saw both of those inflection zones reached, and on Tuesday, the market reacted with a reversal.
I have looked for ways to be bullish about the current pattern, but in the end, I keep coming back to this:
(note: typo, "blisterning" should be "blistering") "
"And this (published in the forums after the close on Monday) possible fractal match, along with the current pattern, which doesn't fit the majority of bottoms we've seen:"
INDU's 30-minute chart:
INDU's one-minute chart:
SPX 30:
SPX 1-minute:
"In conclusion, while there are bullish patterns possible here, it appears that risk/reward probably (again) favors the bears at the moment. Watch the noted levels for additional clues. Trade safe."
http://www.pretzelcharts.com/
Not your usual Bottom if it was a Bottom.........
"In the last update, I maintained my neutral stance of March 13, but did note a few inflection zones -- specifically 18,000-090 on INDU and 2080+/- on SPX. Monday saw both of those inflection zones reached, and on Tuesday, the market reacted with a reversal.
I have looked for ways to be bullish about the current pattern, but in the end, I keep coming back to this:
(note: typo, "blisterning" should be "blistering") "
"And this (published in the forums after the close on Monday) possible fractal match, along with the current pattern, which doesn't fit the majority of bottoms we've seen:"
INDU's 30-minute chart:
INDU's one-minute chart:
SPX 30:
SPX 1-minute:
"In conclusion, while there are bullish patterns possible here, it appears that risk/reward probably (again) favors the bears at the moment. Watch the noted levels for additional clues. Trade safe."
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