Courtesy of Read the Ticker.
Here are two monthly charts, that you can not call bearish. In fact these charts may erupt very soon.
In fact with a Wyckoff eye you would have to call them technically strong. Nice pull backs that have refused to break down. Accumulation building, shorts have a built up a position that can forced to cover, selling looks nearly done. Fertile ground for new bulls to appear.
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Investing Quote…
..”Tape reading is rapid-fire horse sense…The Tape Reader aims to make deductions from each succeeding transaction — every shift of the market kaleidoscope; to grasp a new situation, force it lightning-like through the weighing machine of the brain and to reach a decision which will be acted upon with coolness and precision”..
Richard D Wyckoff
..“Because of the extreme challenge, one must commit full attention to it.” Market speculation is “no different than trying to be a successful doctor or lawyer … you simply must devote yourself full-time to the study of your craft”…
Bernard Baruch
…“To me, the ‘tape’ is the final arbiter of any investment decision. I have a cardinal rule: Never fight the tape!”…
Martin Zweig
..”Until an hour before the Devil fell, God thought him beautiful in Heaven”..
Arthur Miller, “The Crucible”
[Contrarian Investing]
Novice Traders trade 5 to 10 times too big. They are taking 5 to 10% risks on a trade they should be taking 1 to 2 percent risks.
Bruce Kovner
