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There are support levels at 7800 and 7600 that need to be broken
before a triple-top formation would be complete. 7800 is being tested
now and I expect it will put up a fight on Monday. If the Dow
continues down and closes below 7600, a triple top will have formed.
The S&P has a similar look to it and would complete a triple top
formation with a close below 900 - after breaking through the 940
support level.
You can see all of this at http://coolhistory.com/ChipCharts on the
Market Indices page.
Do _I_ think this will happen? Not before the end of the year.
Things should rally next week after 5 straight down days, IMHO.
Chip
Wireless in Seattle via MCOM Ricochet
---Rajesh <rajesh@xxxxxxxx> wrote:
>
> Hello Guys and Gals,
>
> Are we looking at a triple top formation here ? My very simple
> indicators are still in the SELL mode. Would like your opinion. Next
> stop 7550? (Fibonacci retracements).
>
> Rajesh
>
>
>
>
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