the egld is in an ascending triangle, then "burn baby" ? ;-)
SPY: there are dozens of factors to consider when comparing these setups individually and trying to cross reference them gets a bit muddy but let's try... - in 2007 we see the 200ema respected on the initial test, 2018 it was not, it initially failed and was reclaimed - After the bounce on the 200ema in '07 we see the money cash money flow (CMF) index increasing...
Yet another index that is showing it's true colors. We're are very close to another financial turmoil here in the states. Be prepared to capitalize on this drop and do not be blindsided. Please do not listen to Kramer when he tells you to "Buy Buy Buy!!!" Thank you for your time and God bless you all!
Bearish Diamond Reversal Pattern. Lets hope it's valid.
Finally don ewith it's ascending distribution wedge. Short it til it's not.
I Got in at the double top on the 1H. It has formed Bear wedge, and I believe it will fall hard. I will be holding this position for the next two weeks or so.
It's too inflated, and needs to come back down to earth. We'll see.
Creating a nice trend continuation wedge... We'll see.
It's sitting under so much resistance, there's a good possibility for it to continune trend. We'll see.
I believe there's so much pressure against the bulls, that they wouldn't be able to even test this next resistance level. We'll see. UPDATE (06/16/2015): The market ended up coming down to the bottom of the wedge, and retracing back to the top of it. Market is still over bought and needs relief. I'm still pro bears in this situation.
There's a possible head and shoulders forming on the Daily. We'll see.