Last week’s forecast was expecting a new ATH, continuing the strength we saw following D3 down and a strong close into Friday 12/11. The week proved to be more volatile than expected, trading up and down but ultimately finding a new ATH on Friday and immediately stopping at DPH and WPH erasing most of the gains for the week to close slightly up.
Now it seems we are making some sort of complex structure/pattern here and forecasting for the week is particularly difficult. I still very much like 4740-4760 and we should see a new ATH running into Thanksgiving, perhaps even during the holiday on low volume? We are moving up into the top end of the channel that has been running for more than a year now, so I don’t expect it to blow off the top just yet. About a month ago I suggested we would see some volatility leading into Xmas and given we have gained 450pts in less than 2 months there is a strong chance this will prove to be accurate. The faster they rise, the harder they fall….
Obviously more sideways volatility pushing it further along provides more headroom in the channel, will hopefully have something more clear in the following week.
Now it seems we are making some sort of complex structure/pattern here and forecasting for the week is particularly difficult. I still very much like 4740-4760 and we should see a new ATH running into Thanksgiving, perhaps even during the holiday on low volume? We are moving up into the top end of the channel that has been running for more than a year now, so I don’t expect it to blow off the top just yet. About a month ago I suggested we would see some volatility leading into Xmas and given we have gained 450pts in less than 2 months there is a strong chance this will prove to be accurate. The faster they rise, the harder they fall….
Obviously more sideways volatility pushing it further along provides more headroom in the channel, will hopefully have something more clear in the following week.