Friday, June 14, 2013 1:46:10 PM
A market up date
It's been real boring trading the past few weeks. While the S&P decides where to head next. So I decided to take a few minutes and evaluate the index again.
Decided to continue to hold my S&P 1750 call. All the chart patterns, TA, and rules of thumb for trading; are text book. The rubber band snapped back from 6% to the 50 day. The bump & runs returned to the trend lines and the flag patterns have reached each target. Yea my flags drawn are sloppy, but targets accurate. LOL
Right now the charts & TA signal another week or two sideways till the new forming ascending triangle has a chance to fill in and break out for my 1750 S&P target for this Q. Also keep an eye on the FIBs "Rule of Thumb" bounce from 50% calling for previous high. Which happens to be just about the ascending triangle target.
Ps; I can't remember the last time I've seen an ascending triangle on the S&P. The most reliable chart pattern there is IMO. Need 1 more bounce off the bottom trend to confirm the pattern.
Some time I just love charting and TA. The more you see something happen, the more you can rely on it !
It's been real boring trading the past few weeks. While the S&P decides where to head next. So I decided to take a few minutes and evaluate the index again.
Decided to continue to hold my S&P 1750 call. All the chart patterns, TA, and rules of thumb for trading; are text book. The rubber band snapped back from 6% to the 50 day. The bump & runs returned to the trend lines and the flag patterns have reached each target. Yea my flags drawn are sloppy, but targets accurate. LOL
Right now the charts & TA signal another week or two sideways till the new forming ascending triangle has a chance to fill in and break out for my 1750 S&P target for this Q. Also keep an eye on the FIBs "Rule of Thumb" bounce from 50% calling for previous high. Which happens to be just about the ascending triangle target.
Ps; I can't remember the last time I've seen an ascending triangle on the S&P. The most reliable chart pattern there is IMO. Need 1 more bounce off the bottom trend to confirm the pattern.
Some time I just love charting and TA. The more you see something happen, the more you can rely on it !
Welcome to my mind!
Success to all
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