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Aug 29th, 2010: IHS and Diamond Patterns

Posted by pugsma on August 29, 2010

8:55 pm EST:  Take a look at the Daily Candle Chart of the SP-500.  Notice what happens to the SP-500 after the Full STO Oscillator double bottoms and acheives a bull cross, as happened in early July 09 and early Feb 10   The time period between these lows was 7 months.  The SP-500 ran higher by 280 and 160 points respectively or an average of 220 points.  Now in late Aug 10, 7 months since the early Feb 10 low we have the same Full STO double bottom and bull cross. What comes next?  If we get the average 220 point rally from 1040, we would have the SP-500 at 1260.

Also, notice the Daimond pattern formed by the green parallel down trend lines and the black parallel up trend lines on the chart.  This diamond bottom pattern measures to 1270 on the SP-500.  A break above about 1100 would initiate this pattern.

Finally, notice the Inverse Head and Shoulders on the chart that measures to 1251.

So we have three targets of 1251, 1260 and 1270 for the next leg higher.

SP-500 Daily Candles 5-29-19:

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