Channels and Patterns: High Retest Likely Unless ..........

- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......

- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Monday 9 November 2015

High Retest Likely Unless ..........

The rising wedge from 1871 has broken down and SPX is in the topping process. The setup on SPX and NDX favors a retest of the high as at Friday's close. This should be the second high of a double top. SPX 60min chart:

There is a possible alternative though. If we see a gap down today and then Friday's intraday low at 2083.74 breaks down, then I would have a double top breaking down with a target in the 2056 area. SPX 15min:

Looking at the open this could very much go either way. I'll be calling breaks on twitter (@shjackcharts).

Monday 9 November 2015

High Retest Likely Unless ..........

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