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 we have is prices flagging in a tight continuation pattern right above support with momentum in a bearish regime.
Click on chart to enlarge view.
That begs the question, is this a bearish continuation pattern and the next leg is lower? or is this a reversal pattern and we’re headed back towards the top of the longer-term pattern?
Tweet me your thoughts @BruniCharting or email email@example.com and check back on Friday to find out why this chart is relevant.