From the desk of Tom Bruni @BruniCharting
New 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?
This week’s chart to me looks like a successful bottoming pattern. Prices have formed a massive base, broke out and retested, and are marching toward new highs. We want to be buying smiley faces, not selling them.
Click on chart to enlarge view.
Is it as simple as I think it is, or are you seeing something different?
Tweet me @BruniCharting or email firstname.lastname@example.org and check back in Thursday to find out what this chart is and why it’s so relevant.