From the desk of Tom Bruni @BruniCharting
New Mystery Chart!
For those new to the exercise, we take a chart of interest and remove the x/y-axes and any other labels that would help identify it. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. Maybe it’s a custom index or inverted, who knows!
We do all this to put aside the biases we have associated with this specific security/the market and come to a conclusion based solely on price.
You can guess what it is if you must, but the real value comes from sharing what you would do right now. Buy, Sell, or Do Nothing?
Here’s this week’s chart.
What I see is a bullish to bearish trend reversal confirming and prices stuck below support. While there’s the risk of a whipsaw or two, as long as prices are below support then the bias remains to the downside.
Click on chart to enlarge view.
I’d be shorting this breakdown aggressively, but what do you think?
Tweet me @BruniCharting or email email@example.com and check back on Thursday to find out why this chart is relevant.