The wedge breakout I observed two weeks ago turned out to be a dud, but it then proceeded to create a double wedge structure. Early this morning, the Phoenix again appears to have broken out of its chains (the double wedge structure OR bull flag).
As this has become an incredibly difficult rally to analyze, I will take it one step at a time before jumping to the bigger picture. The first target for Phoenix should be back to the 65 level if anything big is to initiate.
Today's sentiment picture shows we now have a massive bear army (50%) in the battle and also an ENORMOUS number of speculative bulls (call buyers). Many say there are just too many bears, but I analyze much longer history than most. My analysis shows that if the Phoenix joins the battle, it will be the speculative call buyers who will be annihilated and bears can jump to as high as 70% before the battlefield turns to bones and ashes.
As this has become an incredibly difficult rally to analyze, I will take it one step at a time before jumping to the bigger picture. The first target for Phoenix should be back to the 65 level if anything big is to initiate.
Today's sentiment picture shows we now have a massive bear army (50%) in the battle and also an ENORMOUS number of speculative bulls (call buyers). Many say there are just too many bears, but I analyze much longer history than most. My analysis shows that if the Phoenix joins the battle, it will be the speculative call buyers who will be annihilated and bears can jump to as high as 70% before the battlefield turns to bones and ashes.
Komentar:
Looks to me like the Phoenix was suppressed yet again, but today it has strongly broken out of the third wedge. Let's see if this follows the rules of baseball or not.