Quote from makloda:
Where are the breakouts??? Just look at the charts!! I thought the last breakout to the upside of the rising wedge in the SP500 was convincing and extremely bullish!!! ZERO RISK BABY!!!!!!
You're right. I didn't mean to pass this as my own work. www.chartpattern.com is the website. My apologies.
Quote from makloda:
Where are the breakouts??? Just look at the charts!! I thought the last breakout to the upside of the rising wedge in the SP500 was convincing and extremely bullish!!! ZERO RISK BABY!!!!!!
Quote from Cache Landing:
This is the funniest post I've seen in quite some time. LOL
Makloda, you just used a chart showing a breakout from a rising wedge to indicate that we're gonna run higher from here. You seem to be oblivious to the fact the the exact same setup occured in MAY, which is also highlighted on that chart. In may, this exact setup resulted in a 100pt. drop in SPX. If we trust the chart you posted we'd be looking for a drop to somewhere around 1330-1340.
I'm not saying the chart is good or bad, but I've never actually seen someone support their theory with a chart that would indicate the opposite. In fact, the whole reason for the author (I guess his name is Mr. Zanger) assembling that chart was to demonstrate that there is significant risk of a big drop here.
Amazing!!! Anyway, you really should post your own charts. Mine differs from his but it still shows at least a minor correction here, back to about 1425.
Quote from optioncoach:
If it is like May then nothing wrong with a 100 shakeout followed by a 200 point rise.... that would put us well over 1500
