Wednesday, July 15, 2009
We still got a H + S pattern albeit a very unusual one. For lack of a better word, a 'bowtie'.
We are potentially mirroring the move up, just in reverse with a broadening wedge pattern. Whereas the activity from May was a tightening wedge and the head being the failed breakout pattern.
Although the levels are all over the place, conceptually this is a pretty complete pattern. IWM, SPY, DIA, and even QQQQ to a certain extent exhibiting bowties.