June 26, 2010

Broadening Bottom of S&P 500

  • The line chart is showing a broadening bottom formation
  • This pattern has 2 possibilities.
  • First one the price will break the two supports i have mentioned and test the bottom line of the broadening formation and then a major reversal.
  • Second possibility may start from next week. Price tested the upper trend line and has come down to the middle portion of the pattern it may reverse from here to break the upper trend line.
Thanks to Yelnick for sharing my chart with his readers: CLICK HERE TO SEE NIFTY CHARTS IN YELNICK'S BLOG

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