Is this the anatomy of an ending diagonal?
I have lost count of number of times in recent days I have read here, there, somewhere, somone calling a top. I guess the secret for calling tops (and bottoms) is to keep calling it till one of the calls pans out. This, of course, is totally absurd if one wants to play with real money in the real market in real-time
That's why I prefer tightening/raising stops
Anyhow, back to S&P. it, so far, looks like an ending diagonal is in play
If that is the case, then a trend line break followed by a cut below a prior low may be the first clue that this uptrend, that has defied so many top-callers, has ended
On a different note, in prior posts, I had TopFinders tracing short-term trends and signalling ends. I am not using a TopFinder now because the trend since March 19 is, so far choppy and more or less lateral. topFinders (and Bottom Finders) work well with accelerated sharp trends.
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S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago