Good weekend to all. This week was a diffcult trading week where a probable down signal went awfully wrong. I would expect many shortist got hammered pretty badly for this.
A head and shoulders top looks to be observed on the SPY and EEM charts however, end of the week surge seem to destroy that pattern all together, thus providing that it is a pattern only if it is completed, otherwise it do not mean alot.
However, if we exptrapolate on the weekly charts there seem to be a big bottom forming ala the reverse head and shoulders. this formation is typically bullish.
The purple line near $94 looked awfully important right now with so many intermediate tops there. let us observe whether it is able to breach it next 2 weeks. if so we might have a tradable rally coming our way.
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