Tuesday, July 7, 2009


Blood Angels Land Raider/Thunderhawk Gunship Assault


Let me reiterate something here. The head and shoulders pattern is only confirmed when the neckline is broken. The neckline is the last major support level that is keeping the chart intact, and it's not broken, yet.

In addition, I see possible symmetrical triangles forming on the COMP and SPX. Keep an open mind to all of the possibilities that are present. If we consolidate long enough, and the pattern remains intact, then we might not even decline as much. I am waiting for further confirmation by either a H&S neck break, or continued neutral range-bound consolidation.

Here are the SPRD Select Sector ETFs. XLB, XLE, and XLI are forming descending wedges. XLV and XLU are still in ascending channels. XLK and XLP are forming symmetrical triangles. XLY is in a neutral range. XLF is still forming a large pennant.

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