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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj


Sunday 23 September 2012

Spx - overthrow,7 day reversal pattern ?











Looks like an overthrow,the initial candle was a shooting star/inverted hammer,then 4 NR candles (narrow range) then a doji. Needs a black candle with a close below Thursdays low to suggest a reversal pattern. As Jeff Cooper teaches,the 7th day is often a reversal.
 The high was 72 td so 90 td is the next obvious td pivot. Could that be a low ? That would be Oct 4 which is  also an important 1 year cycle date.Also possible we rally into that date (blowoff type move but that seems less likely given put/call ratio,Cobra's USHL5 chart etc)

Cobra's USHL5 chart :

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