A possible triple top only appears on a short term chart__e.g. 10 day or 5 day. Go out further 6mth-1yr and you have an ascending triangle (which is a continuation pattern). We all know you (dr_chumps, herehear, flame, bozo__all the same person) are an internet searcher without the ability to think independently.
On 7/24 I posted in response to your post titled "THIS IS THE TOP - TIME TO GET OUT OF RISK EQUITIES!."_____"The S&P 500 will see 1750 to 1775 somewhere between Nov to Feb (unlees some extraneous event). That only requires a moderate earnings multiple expansion; which we will get."
I copied that even with the unless typo. I still stand with that post!
For once I agree with raybans__that it "may" be fruitful to go beyond 10/17 to reveal the falacy of the actually of a 'payment default'. That would be an extraneous event, though.
While I would have preferred a correction more towards -7% in this recent wave retracement__it is insightful which sectors (S&P and Russell have rotated RSI wise).
Many of you would do alot better if you learned to let the markets tell you where they are headed__instead of urself trying to tell them.
Look back to those approaching the month of MAY; posting reducing their market allocation to 30%__look at dr_chumps posts__clinging to leveraged ETFs__when anybody with a realm of professionalism would use the futures market.
Look 2day at the VIX vs the so called ETP offerings___what a ripoff!!!
The S&P 500 and Dow Jones are both once again near all-time highs…for the third time. The old saying third time’s a charm can work both ways when it comes to the stock market. Sometimes an index will bust through to new highs, and other times it will fail spectacularly crashing to new lows.
We should all be watching the behaviour of the major indexes here, because the possibility of a major triple-top failure is quite high, for reasons outlined below.
If the S&P 500 fails at the triple top and breaks down, from a charting perspective the next thing for it to do is revisit the bottom and then make up its mind as to what it wants to do next. The implication here is that a major failure of the S&P 500 will open the possibility of it revisiting the 600-800 level, or some 45% to 60% lower from the 1,500 level where it currently churns.
It will take some time to get to that level, typically 3-6 months, unless there’s some sort of financial accident to hasten things along, in which case it could all be over in a month or two.