SP500, Classic Patterns Tend To Remain Classic and Correct

By: readtheticker | Sat, May 26, 2012
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SP500, Classic Patterns Tend To Remain Classic and Correct

The SPY (SP500 Etf) monthly chart is showing a classic bearish pattern.

Rising prices with falling volume.

Any reader of the classic Edwards and Magee knows that this is not healthy, and it can end in many ways:

(1) Smash down or (2) trickle sideways or (3) another low volume rally (remind you of 1987 does it).

It does not mean tomorrow is crash Monday (knock on wood), but it does mean caution is warranted.

SPY Volume Waves

 


 

readtheticker

Author: readtheticker

readtheticker
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