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Gary, your analysis is likely half right. Go look at dailys. It’s Inverted HS is so clear, yet I haven’t heard from any experts talking about it. So its a good sign. NASDAQ and ndx will likely clear that, make new highs for few hundred points then pull back. It may be like 2012. Made new highs the pullback to test those breakouts.
So the consolidation could be like 2012.
Crude:
OPEC fundamentals remain the same Friday going forward till next meeting in June 2016!
ENB
Owned and followed King ENB since 2010
Sell signal summer 2015
Friday new 52 week low
Follow the trends
Inverted H&S, by definition, is a formation from a downtrend NOT an uptrend.
A re-post:
https://www.linkedin.com/pulse/gold-bottomed-william-yii
Global equities, an imminent top!
https://www.linkedin.com/pulse/global-equities-imminent-top-william-yii
William, your are so wrong. Go look at gold weekly chart from 2008-2010. It was such a lovely Inverted HS that propelled it to 1900
Chris, go read Technical Analysis of Stock Trend by Edwards and Magee, the bible of classical technical analysis before you start shooting…
And William, if you are head of equities like in your linkin, I am worried for your clients. Triple top? Dude, get that off your head. Becos triple tops are really for amateur. Tis quote is not from me. I learned from very good technicians. Triple tops hardly happen. If it visits the third time, more than 90% it breaks out.
God bless ya
William knows his sh*t.
William, I know E&M. The must read for all. But really, triple top nowadays fail most of the time. There are exceptions, but like I said, its so rare, don’t bother with it. Double tops are more often. And Inverted HS can happen at bottom, mid , and tops. But of course, at the bottom its the best.
tulip
Thanks for sharing your comment about the korelin report on Saturday!
Gary, I personally agree with you especially that you have taken the bubble-phase onset out of the January ICL to come.
Just as an add-on, i personally think that a break-out to new historical highs will occur in 2016 except that it will fail before producing the YCL sometime in Sep-Oct 2016.
Basically, the whole chart looks like a cup with its handle still in the making until JAN8 after which a failed b/o will occur with the formation of a new, low-depth base before the actual bona-fide b/o occurs.
Yet, that b/o wont be the onset of the bubble phase –> at least a partial retracement to pivot should occur in the bear market of 2017-2018
….so that the actual bubble phase in stocks should come in the next multi-year cycle of approx 2018-2023
Disagree. We are now very late in a business cycle that has been founded upon mobile technology. The market will not simply consolidate without any damage – it will plummet once the profits start turning negative. There is very little precedence for suggesting that a new bull market can begin without a preceeding bear market.
It would be ok for me since I am short stocks with 14% of my portfolio (rest=cash) but I personally doubt it –> I plan on covering the shorts as the new year ushers.