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Those of you who followed my work way back in April of 2010 know that I grew cautious on the market then as we formed that diamond topping pattern, with a higher high, but also a lower low which gives way to the downside after more chop. After a prior downtrend though, the diamond can be a bullish bottoming pattern, with confirmation of course.
On the 30-minute chart of the S&P 500 below, you can see we have formed one of these rare chart patterns, and we look to be awfully close to confirming here. This is not a daily chart, so I am reticent to make a huge “this is the bottom” call, but a strong close does bode extremely well for the bulls over the next few days.
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Thx, Chess.
Long some TNA as it cleared 42, tight stop. I hope the algos don’t change their mind.
Ah, yes…good eye as always. Those megaphones are sure a loud tell sometimes. I’m sure you remember this one:
http://ibankcoin.com/king_of_the_pg/2010/04/30/market-wrap-up-0430/
Word!
Thank you. Appreciate that. I do remember.