Thursday, October 17, 2013

10/17/13 - EOD Update

Wedges everywhere. The bulls took it to the 1730ish level I have been watching along with the upper TL of the wedge.

The question now is will there be a pause here and a small pullback/consolidation or will the bears/profit takers step in and push the market back towards the lower TL? Do the bulls have any gas left to gap and go above the upper TL of the wedge?

Pattern-wise, it would be good for the bulls to consolidate here otherwise the rising wedge with quadruple -ve divergence may be looking to erase the gains over the past 4 months or so.
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