Get Ready To Short This Rally! On Your Mark........ Remember, I DID NOT SAY "GET SET or GO yet!"
I've been waiting for the trendline break for days. People will try to buy at the trendline...need a nice break through it and break of support and then look to see if there are sellers going to join us and buyers who probably want to exit losing positions.
BULL are STILL IN CONTROL. Price NEVER BROKE DOWN to prove that the bulls are dead. They are very quite alive. We need a break o new lower levels, like walking down stairs. Also, the US indicies are all rallying across the board. Fundamentally, I wrote before retail sales came out that retail sales will make or break JPM's pattern. This also includes the SPX500 and other US indicies. Instead of throwing darts at charts, we must consider the fundamental picture and its catalysts as well.
Patterns reflect investor sentiment and fundamentals help us to anticipate what is to come next.