Friday, 14 June 2013

Emini Dow and S&P ... Ouch! Thats a fail... but are we building an inverted head and shoulders pattern

Look at the black sharp angled fork...this is a fail so far and a nasty little dip which stopped me out after 5 mins at b/e entry price 1635.00 on the second attempt at a leg up after the opening. I have no view now. It could go either way but I keep in mind that a sharp sell off would give us an inverted V ( actually more like an inverted U) and add the momentum to go lower -back to 1600 or are we building and inverted head and shoulder s pattern. * see lower chart

Whatever way you look at this the YM is a failed fork and the ES ( with the same fork) is a CL touch. What conclusions would you take from this? Weakness or stength?... I guess ill have to stay bearish

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