Stock Market Breaks Head & Shoulders Neckline – The Market Oracle

Stock Market Breaks Head & Shoulders Neckline – The Market Oracle

Stock Market Breaks Head & Shoulders Neckline

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Stock Markets 2014Mar 27, 2014 – 03:09 PM GMT

By: Anthony_Cherniawski


I had thought that there would be another retest of the Broadening Wedge before the SPX resumes its decline. However, the decline has now extended beneath the hourly Cycle Bottom at 1844.15. Since then it has bounced above the neckline and may yet retest the Broadening Wedge trendline before resuming its decline.

Minor Wave 3 has the potential to be at least 2 times Minor Wave 1 in length, as I have anticipated in earlier analysis. The 50-day moving average at 1834.73 is next on the list of supports to be tested, then the lower trendline of the Ending Diagonal at 1825.00.

There is still work to be done, but good progress is being made.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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Stock Market Breaks Head & Shoulders Neckline – The Market Oracle

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