Tuesday, April 28, 2009

SPY continuation diamond pattern


There is something a bit fishy about this latest 3 day downturn. It seems v forced. Repeated gap downs but no follow through.
Not unlike the series from apr 3-8. A slow ugly grind down but without forceful volume or direction.

Currently price is approaching the right tip of diamond pattern.

2 comments:

tait said...

What does the diamond formation mean here on SPY? Is that a bear signal or bull? Thanks.

Greenlander said...

bull continuation pattern.
But I think we have v strong chance of going down from here