Thursday, April 25, 2013

Market Exhausted


Price should rebound, as the long shelf of resistance would technically now act as support. With that in mind, and the sharp reversal from the Failed New High, look for the market to make one more exhaustion move up before a serious reversal begins to the downside. It may end up resembling a head & shoulders pattern; however, with the continued exaggerations and over-extensions these markets have been prone to, it is possible we see a double top-- Adam and Adam, or Adam and Eve.