Banking Index- they don’t get any better than this … PATTERNS at their finest. (sorry, changed the title)
Wow, doing some chart surfing before I try to Stand Up Paddleboard after my son’s basketball game (TRY is the operative word) and simply jamming to “I am the Highway” by Soundgarden … isn’t Chris Cornell’s voice simply fantastic. I find when I get in “state” I see things and, well, its simply enjoyable.
Not sure why, but after I saw the 3 ratio’s coming together on GS I said “self, wonder what the banking index is doing.” And, not kidding, is was a simple as that …
BOOM there she was .. the anatomy of a PERFECT sell PATTERN. Folks, when you have an AB=CD, a 1.27 extension hit on a .786 retracement – it’s ‘usually’ market magic.
BANKS SHOULD BE SOLD and they SHOULD ONLY BE SOLD BECAUSE WE KNOW THAT WE ARE WRONG PRECISELY IN/AROUND 76. Perhaps give it the old high around 80. Your call – it’s all RISK CONTROL BUT these types of patterns only come along like this every so often.
I’m going to spend some time showing how the pattern unfolds and the ratio’s playing ….
It’s a simple as PROJECT, EXTEND, RETRACE.
I am not your autumn moon, I am the night …. rock on, ok?
SOAPBOX: as you study this chart (study and do it for yourself) realize that this is a banking index. and, I submit, the entire world isn’t buying/selling at these ratio’s a some preconceived point