Tuesday, December 18, 2012

Beware of a Fakeout - Part 2

There could be a pullback opportunity for those who missed this rally. I updated the chart to reflect where we could possibly be compared to former similar structure on the chart. I am still expecting that this breakout is fake, and will be sold, with price returning back into the triangle. After that happens, price may begin another ascent higher.

Update on Dec 20 @ 9:20 pm

Maybe I should have used another f word (instead of fakeout) to better describe what just happened to S&P futures. We just experienced a mini flash crash in ES...

click on chart to enlarge

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