Jan
30
Confluence: The Case for a Swing High, from Gary Phillips
January 30, 2012 |
Chart 1 - Key trendline resistance on the monthly off the 2007 pre-recession high
Chart 2 - 12 Year Fib Phenomena… Counting backwards from this month (1), ~ major tops, including the double top formed by the 2000 high (144 months ago), & 2007 pre-recession high (55 weeks ago), along with the most recent swing high on May 2011 (8 weeks ago), all fall into a Fibonacci progression.
Chart 3 - Perfected 13 count on the TD Sequential.
Chart 4 - Not saying that it's January 2010 redux, but it is something to keep in mind especially when considering the other charts
Comments
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Good stuff…We can make trading more difficult than it needs to be sometimes but these are some very compelling technical points in favor of a short term pullback…Most of market is talking about the Golden Cross in the ES about to happen. Which to me adds more credibility for a selling scenario…