Nasdaq Composite Cup With Handle
Stock-Markets / Tech Stocks Aug 08, 2016 - 06:45 AM GMT
I expect we will have new highs in Dow Jones, S&P 500, and the Nasdaq by next week. This is actually a better set-up to short but does not mean this trio will all make new highs next week.
The chart below is of the Comp., with a cup and handle chart pattern. You may have to use a little imagination, but it is there.
Some technicians will argue about definitions of patterns till they are blue in the face. I am happy for them, but the name of the game is probabilities.
Using the one particular cycle on the chart, notated in blue, we may have a reversal coming up. There are other cycles of importance that also converge soon, and my subs are all aware of this.
Be prepared for the next time and price projection and above all preserve your capital. This is a game of probabilities.
August will be a great month for trading, I hope everyone profits this month, good luck.
Joseph VanDerveer is the Chief Technical Analyst with 8 years experience in the trenches trading the markets with a brand new website and service at www.doubleplayoptions.com
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