I copied and pasted the exact same trendlines to form the 3 upward channels that the SPY has created since 2009. I put all this effort and time into the day to day, week to week price action analysis, but it's really just this simple. WAIT FOR THE BIG DIPS WITH HUGE VOLUME AND BUY THEM OVER AND OVER AND OVER!
I posted earlier about what looked to be a sweet looking copper ihs continuation pattern on the verge of triggering. Well it's looking like an utter failure of the bulls to take advantage. The up trend line from last October might be busted for reals, a lower low will confirm it in my mind. Will be looking forward to seeing if we waterfall overnight.
I think oil is set to blast off. The indications are clear in the prices but I also think fundamentally - not based on the current ratio supply and demand of oil necessarily but in the geopolitical uncertainty that lies ahead. If the USA proceeds with "defending" the South China Sea as promised by the leadership, we will see oil prices react.
It's great so see a nice pattern breakout and follow through like this. Although not quite at my target it looks like we might hit it. I think eventually something is gonna give fundamentally(global chaos/uncertainty) and we will enter a chop period after reversing to the 50 dma or something like that. However I don't get to focused on what might happen, only what ...