Tuesday, April 14, 2015

NYSE index making yet another attempt to break out higher

Here is the NYSE chart showing a possible continuation H&S bottom:

As I discussed 3 weeks ago, the NYSE index is showing a possible 9-month continuation H&S bottom. The previous four attempts to close above the July 2014 high have failed. The more a resistance level is challenged, the more likely prices break above resistance. That said, there is nothing inevitable about a breakout higher. Patterns can fail anytime. Traders must stay nimble and trade the actual price action.

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