Well - if you have read my blog you would know that I have been bullish markets since thursday and friday last week ! When everyone was expecting markets to crash I was heavy bullish and today we saw a 3% gain in markets ! Thats amazing ! I am still bullish markets short term, but I am going to load the boat with shorts when time is in.
The inverse head & shoulders pattern set up on the 5 and 15 minute charts. We saw a bullish realignment of the moving average trio on the 15-min chart of the S&P 500. Prices broke the declining trendline and the surged above the slanted neckline.
We also got a follow-through on our bullish PpP pattern on the S&P 500 daily chart. I believe we are seeing a rally that will remian below the 1131 last minor high to form minute wave ii of minor wave 3. Should that wave successfully set up, minute wave iii of minor wave 3 will follow and be the most scariest wave of minor wave 3.
The S&P daily chart got confirmation to the hammer candlestick that we got last week that marked the 1010 momentum low.
I am looking for this rally to fail near the 50 % or 61. 8 % Fibs from the 1131 high(1070-1080 level).
Short term I believe we could get a pullback and then rally further up - but not sure.
Hope you enjoy reading my new blog !
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