The Dow made a small inverted hammer reversal pattern Friday.It made a new high and closed below Thursday's low.We broke through the Gann resistance levels ,which is bullish,but it is still possible to regard this as a bearish rising wedge.Bulls need to see a HL confirming the breakout,bears need to see a break back below resistance (False break pattern) Next week is 90 days from the Dec low (a minor cycle) and Spring Equinox,suggesting a possible turn on Monday or Tuesday.the nature of any pullback will be very important in determining the next move.Sentiment seems very bullish now,with even bears predicting higher prices.
Sunday, 18 March 2012
Subscribe to:
Post Comments (Atom)
Yeah, even bears predicting higher prices, sign of a top.lol
ReplyDelete-
I would think the greek bond interest payment will give the algo-bots the excuse to whack this nonsense up another 3% or so.
Urghh