This could also be showing a huge IHS
, although the left shoulder is weak at the neckline. With worldwide data so grim, though, one would have to question what could be so very, very bullish? Emerging markets are slowing (BRIC), China, Japan and EU are flirting with recession and the US has high unemployment and so-so data points. The high price of corn
and gasoline will hurt consumer spending and let's face it - the US is a a consumer driven economy.