“you just had to be still and have faith, that was the main thing.”
– Jim Dodge, Fup, 1983
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The market continues with a little shake and grind to wander slowly higher in what can only be described as an exceptionally calm and linear manner just below the resistance line.
With such apparent smoothness it seems likely that the market will use every last bit of the current T structure, and so we should watch each projected arm of the structure carefully.
It seems that the market has yet to find its target, but at some point it will, and then I would expect the market to open out into a larger range, pushing out in both directions and establish some new support levels.
Be prepared for whatever comes next:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.