sp'weekly1b
sp'weekly8e - H/S, failed head test
Summary
re: weekly1b... last week's candle was spiky.. and its not surprising to see new lows broken this week.
re: weekly8e: this is essentially what Oscar Carboni has been touting for many.... many months. Indeed, its pretty bizarre to think that Oscar has been leaning bearish since last Autumn.
...and yes.. I realise some of you get riled up at the mere mention of Mr C).
Anyway... by default.. the H/S scenario... is suggestive of sp'1600 (at min').
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Looking ahead
Friday will see Existing home sales.
It is OPEX of course.. so expect increasing price action into the weekend. Considering recent price action.. it'll likely be choppy.. but leaning on the downside.
A hit of the 200dma to sp'2011/10 is very viable tomorrow afternoon.
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Goodnight from London