I suspected this triangle, it hasn't failed yet, but I'm not getting good 3C signals and I'm guessing it's because the market is not being run right now by anything other then "dumb money". So I switched over to the Tick Index...
In white is the SPY, in green the tick index. You can see to red trendlines which show the SPY triangle and then the breakout, tick should have headed higher, it didn't (red arrow), however, there are the first signs of a possible positive divergence here (white arrow). Any of you who have TeleChart of StockFinder can watch this too, just go to symbol "$TICK" and put in a comparison symbol like the SPY or whatever average you choose. As I write the Tick index looks to be carrying on the positive divergence. I'll keep watching 3C as well for any sign of institutional or MM support. As I said, their strategy seems to be clear, but tactics are always a question.
No comments:
Post a Comment