This week we’re back with another Mystery Chart.
For those new to the exercise, we take a chart of interest and eliminate the x and y-axes and and all labels eliminated to minimize bias. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. It can even be inverted or a custom index.
The point here is to not guess what it is, but instead to think about what you would do right now. Buy, Sell, or Do Nothing?
Last week we looked at a massive breakdown, but this week’s chart is the polar opposite, a massive breakout! The breakout to new highs reaffirms the bearish to bullish reversal that’s been in the works for some time and signals that the bulls are still very much in charge here.
Click on chart to enlarge view.
Seems pretty clear to us, this is a chart we need to be buying if it’s above the 38.2% retracement the decline shown here.
Let us know what you’d do.
Tweet us @allstarchartsIN or email email@example.com and check back in Thursday for the big reveal!