This past June I speculated that the market potentially was forming a diamond bottom. Whether or not the pattern was legit, a bottom had formed and a breakout occurred.
Recently I speculated that perhaps the same type of bottoming process was occurring and once again I'll call it a diamond bottom.
Should my most recent call for the pattern not play out, the above chart may be calling for a larger pattern to form over the next couple weeks.
I believe we will see a bounce this coming week. How high will help determine if the 7/13 pattern is correct (use the blue trendlines in the chart below) or if this new larger pattern may be playing.
I have also proposed this cup and handle pattern as well. The handle looks like it is complete, which also correlates well with my most recent 5 min corrective count.
I would assume if just using patterns here, there are a few (whether correctly identified and named or not) that point to this being a continuation pattern. We shall see here shortly.
