Last January 30th, 2014, I offered an abysmal target defined as "TG-Low = 29.3 - 30 JAN 014" based on a prop forecasting system. In the interim, I also posted several technical comments of underlying pattern development, such as this Wolve Waves, while price continued to carve new higher highs. All this rallying occurred within the confines of a pre-defined 3-5' line, which price has validated by way of defining a mean during its ascending oscillation.
However, as of today, price seems to have strayed away from that line, and may have expressed a first hint at breaking down further, if one were to consider the recent minor support break (circled in the chart) - albeit quite discreet.
Taken in the pattern ("WW") context, price action has shown minor weakness which taken together, could possibly herald the beginning of the counter-trend expected in such pattern.
In its greater context, a technical event of arguable significance has occurred, which is that of a major channel-top validation:
While there may be more exuberant energy left in the current bull bubble, discreet signs are aligning to hush an early market reversal potential. The technical elements may not be convincing as lone signals, but fundamentals do continue to signal further weakness.
In fact, Yellen herself did telegraph the possibility of having to "have to continue bolstering the US economy while it remains stuck in the rut of economic slump", as cited in this ZeroEdge.com article:
Predictive Analysis and Forecasting
- All my predictive analyses, forecast and signals are based on unshared proprietary patterns, strategies and market research results, which shall remain unshared and unknown to you, the reader. So, do your own due diligence before trading any market/asset. Additionally, my signals, forecasts, analyses and directional opinions are for educational purposes only and are not trading recommendations. Again, do your own due diligence first, then seek financial advice from a licensed professional, and only then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster