wednesday, page-60

Funky, yes, agreed...there are patterns out there for bulls and bears alike (remember some weeks ago I likened it to those ambiguous pictures where some see an old hag face whereas others see, in the same picture, a pretty young woman).

But one of the best examples of an inverse head and shoulders at the moment is CBA with a target of $60.

Stochastics for CBA, the other banks, and XJO have bounced off oversold and are about to cross up.

So, if the trend reverses, it's a failed rally.

For the US indices, the turn up is from overbought, so a reversal now simply means the downtrend resuming.

A tale of two cities....

Also, while I see the DJIA candle straddling and closing above dynamic resistance.... I'd like to see a few complete candles fully above the line before declaring a breakout.