Banking Index SELL PATTERN complete
the banks lead us up and lead us down … continued strength which causes a failed pattern is needed by the banking index right here …
Tag: $XLF
Banks – at support zone
CRUCIAL support level for the banks!
here’s the last post on the Banks: https://bartscharts.com/2018/12/26/very-important-level-on-the-banks/
note, we are pretty much at the important support zone … can go down into 53 and still have a support zone alive. remember banks lead us down and lead us up .. support here and a bounce should relieve pressure on our equities.
XLF over @seeitmarket
the march to 6200 continues … an important UPDATE 04/28/2017 @seeitmarket
04/28/2017 – an update w/ the gang @seeitmarket
https://www.seeitmarket.com/nasdaq-composite-nearing-major-price-target-16812/
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03/21/2017 – update
if you look at the chart below … you’ll see the blue arrow measured move from the 2002-2007 hit pretty much spot on ….
I add this to the “march” to 6200 because, well, I still think that is the target.
as for my followers – YOU know that I hate to give you the ‘could have’ and ‘would have’ and ‘should have’ w/ technical analysis …I have been pretty busy over the past month. So, I hastily sent this to a few friends around the banking index in a moment of free time….. the reason I’m showing this is two fold:
- PATTERNS are all PROBABILITY ….
- the BANKS lead us UP and they lead us down …
- I really really don’t want to show anyone the world of ‘could of’ and ‘would of’ and ‘should of’ … but do want to give some heads up ..
- just trying to help folks …
The “greatest gift is gold ” U2 ….
Use a stop.
Good night …
B
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perhaps 5866 stops it but folks .. we have a perfect sell PATTERN at/around 6200 ish.
also, note the to cycle that got DESTROYED .. this puppy has some more juice.
short term – 3-5 pullback for a couple months then higher to tag the upper target?
anyway – here’s the picture … UP UP and AWAY.
just buy, the market will NEVER GO DOWN and IT ALWAYS GOES UP! 🙂
the march to 6200 continues … an important UPDATE 03/21/2017
03/21/2017 – update
if you look at the chart below … you’ll see the blue arrow measured move from the 2002-2007 hit pretty much spot on ….
I add this to the “march” to 6200 because, well, I still think that is the target.
as for my followers – YOU know that I hate to give you the ‘could have’ and ‘would have’ and ‘should have’ w/ technical analysis …I have been pretty busy over the past month. So, I hastily sent this to a few friends around the banking index in a moment of free time….. the reason I’m showing this is two fold:
- PATTERNS are all PROBABILITY ….
- the BANKS lead us UP and they lead us down …
- I really really don’t want to show anyone the world of ‘could of’ and ‘would of’ and ‘should of’ … but do want to give some heads up ..
- just trying to help folks …
The “greatest gift is gold ” U2 ….
Use a stop.
Good night …
B
________________________________________________________
perhaps 5866 stops it but folks .. we have a perfect sell PATTERN at/around 6200 ish.
also, note the to cycle that got DESTROYED .. this puppy has some more juice.
short term – 3-5 pullback for a couple months then higher to tag the upper target?
anyway – here’s the picture … UP UP and AWAY.
just buy, the market will NEVER GO DOWN and IT ALWAYS GOES UP! 🙂
Banking Index FAILED PATTERN
I’ve tried to be pretty consistent ..sometimes they work and sometimes they don’t. When the SELL pattern on the banking index appeared it was, in fact, a beauty.
however, after today’s close would consider it a FAILED PATTERN.
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?
Bart
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
working $XLF w/ the hooligans over @seeitmarket
Heads up …banks running into resistance $BKX
$ITB Home Construction Index – SELL PATTERN complete
also, note how correlated the $ITB is with $XLF.
did a blog post for @seeitmarket on the financials: http://www.seeitmarket.com/whats-next-for-the-financial-sector-etf-xlf-14447/
watch this pattern – closely.
good weekend to you.
B