Bulls Clearly Consolidating, But the March upwards may continue!

204 4 7
This Up Trend Pitchfork Channel has been holding since October of 2011, ie since the last 3 years & never been broken. The Fib Levels shown inside the channel have been acting as support & resistance & has proved it's significance.
Until SPY             breaks this channel decisively to the downside , The Bull trend is most likely to continue . As evident , all the negative news , & panic have been very well contained inside the channel & SO it Deserves the Utmost respect.
Only a Break out of this Channel can Lead to a decent correction !
2 years ago
3 weeks ago everyone on this site was extremely bearish - we saw a huge rally! Now, everyone is suddenly bullish, which can only mean...pullback is imminent.
+2 Reply
harsha.imperial JohnKeverich
2 years ago
I completely Agree ! . Just look at the On Balance Volume Indicator on the Daily & Weekly charts , it does not confirm retesting recent highs & on the weekly charts, the same indicator has a negative divergence with price after 3 years .
But that said , This channel has to be broken for any real bear market correction can occur ! Remember this channel very well contained deep sell offs many times in the last 3 years , so we have to be a little more cautious !
prx JohnKeverich
2 years ago
Given seasonality, will pullback have to wait till Jan/Feb 2015 ?
harsha.imperial prx
2 years ago
No , There have been declines in November & Rallies in December & January , Just look at 2011-12 You can get an idea what can happen this time. I think November is for a nice correction & then Rally in December - Jan .
If it continues without a correction It would be very surprising. I don't think S&P will continue straight up without at least a 100 point correction, given weak market Breadth & weak buying volumes . NO catalyst to fuel an extended rally !
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out