Reviewing your past 15 posts, most all are bull patterns. I think you said you don't factor in news, etc just chart focused. But I wonder if all these similar patterns either confirm or support a near term bull run, concluding the rotation out of overvalued high growth was just that and nothing more? Care to comment? Thanks for the great charts, much appreciated.
KLang
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Well, I'm just posting what I see. Often bearish charts don't work when the market is bullish. But most of these are actually bearish charts. i.e. they have the potential for reversal once the targets are met. Today's action in TLT GLD EEM UUP was interesting, but one day does not make a trend. To me, the action was bullish stocks.
A-shot
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To add to the initial question - once news are not present for stocks they tend to follow the indices closely (within their beta range). So for instance, you can see similar price changes in the recent month for many stocks - lets say internet stocks have the same type of movement. Now i wonder - would they all follow the same pattern should it suddenly for a double bottom/bull pennant or whatever? I seem to be eery on making predictions on stocks that i see following the market as then you need to predict the market and not check stock related patterns? At the same time traders that actually make this happen and see that a IHS is forming for a stock (i guess they either know or don't know that it is forming for the market\group of stocks) - they will push it up once confirmed. Doing this for some stocks makes the changes for the group/index/etfs...that make it for other stocks..that adds to the group/index/etf...so how would you filter stock specific patterns from the market specific?