PhotoShoppe, Not Exactly as a Diamond formation usually resolves by falling out da-Bottom!?
That said, me thinks da-Boyz r gonna paint a picture of a "V" like recovery into wed/thu and then the Real Selling starts?? The kind of selling that will dwarf the 1/26 to 2/9 stuff??
Spy went from up 7.5% down to the Yearly Pivot(266.51) or 0%, then continued down to tag the -5.0% marker, 253.18, and Bounced up to the S1(263.18) to close at 261.50 on Friday.
Going forward the Yearly Pivot, 266.51, should be formidable resistance but to paint a "V" picture price may have to tag the R2(273.17), with maybe a extension up to the R3(276.50) if shorts panic and start capitulating and/or longs begin topanic andthink they missed a BTFD event on action above the 266.51 Pivot??
In the end, eye'd like to see the S6(246.52), or -7.%, get tagged to truly believe the ST bottom is in?? BUT, 246.52 is an important inflection point, meaning, we Could bounce but we could start down hard from said level just as easily??
Let's see how Mon-Thu plays out and then we might have bet-r data to extrapolate with confidence??
And I'd be remiss if eye didn't post this chart that pretty much graphically displays the verbiage posted above...
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