Back on March 20 I blogged about about a repetitive pattern that I noticed off the recent November lows. The U.S. equity market has traded in a very neat, tight, upward channel with barely a 3% correction along the way.
As the updated chart below shows, if that pattern is to repeat even on a small scale, the SPX would fall below that parallel channel for the first time since it took hold.
Will we finally see the elusive 5-7% correction every pundit has been calling for? Or is this the beginning of a deeper intermediate correction like we've seen the past few years around this time of year?
As always, honor your stops.
As the updated chart below shows, if that pattern is to repeat even on a small scale, the SPX would fall below that parallel channel for the first time since it took hold.
Will we finally see the elusive 5-7% correction every pundit has been calling for? Or is this the beginning of a deeper intermediate correction like we've seen the past few years around this time of year?
As always, honor your stops.
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