The Present State of Things, Part 3 (of 4)
And, zooming in once more to take a closer look at the right shoulder, we see that within that shoulder, the ES futures formed a rising wedge beginning last night and going on in to today's trading. During the day, we broke from that structure, and, just to exasperate the bears even more, proceeded to test the bottom of that structure for what felt like an eternity.
Finally, that broke with some force, and fell right into a classic bear flag pattern. Hilariously, I drew that pattern on there an hour ago, and when I returned just now to write these up, I see that it too has also now broken. So: we have a huge super structure bear pennant that culminated in a head and shoulders pattern that concluded with a bearish rising wedge that broke down into a bear flag that has since broken down.
I lost count: the bears are winning though, right?
I do not think it is wise to go long in anything at this point. Heh. If you're feeling bullish, go look in the mirror, think about the real economy, and slap yourself hard and then laugh and admit that now might not be the time to go buy "schtahks."
Finally, that broke with some force, and fell right into a classic bear flag pattern. Hilariously, I drew that pattern on there an hour ago, and when I returned just now to write these up, I see that it too has also now broken. So: we have a huge super structure bear pennant that culminated in a head and shoulders pattern that concluded with a bearish rising wedge that broke down into a bear flag that has since broken down.
I lost count: the bears are winning though, right?
I do not think it is wise to go long in anything at this point. Heh. If you're feeling bullish, go look in the mirror, think about the real economy, and slap yourself hard and then laugh and admit that now might not be the time to go buy "schtahks."