Daily SPX
The Daily chart illustrates a classic Type II Sell Signal set-up, just waiting for a trigger, which can be a break of the channel lines, of a BWT or ATR Sell signal.
Hourly SPX
The Hourly chart is showing the 5th wave channel up from early November already broken and the beginning of a five wave decline. We have seen this before, only to have the Hourly pattern turn into a three wave correction and another run-up in the Daily channel.
One of these days the pattern will change and the much threatened decline will be in full swing. These are the charts and patterns that will confirm such an opportunity, we're just not quite there yet.
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1 comment:
ALLAN,
Any way some of us working stiffs can get in on your TZA system using ATR on daily charts?
Will returns be much lower?
Will compounding error be an issue on daily time frame?
BLUE COLLAR MAN.
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