Friday, April 15, 2011

Spy Inverse Head and Shoulders

I've been watching this form over the past week. It looks bullish but do we have enough gas left in the tank to push through the neckline? We need better earnings news to do it, but at least gas prices have come back enough to allow the possibility. I can't predict this. All I can do is wait and see if we get a break or not.

 If we do break above the H&S pattern and get a small run, it's probably the last hurrah before a larger correction, at least according to the timing Terry Laundry's T-Theory. There are many cycle predictions coming together for a late May / June intermediate top. Terry sees April 27th as a possible peak date as well. I don't follow much technical analysis because most people simply use it to provide evidence for their own beliefs. T-Theory is something I do pay attention to. It has helped me identify when the risk outweighs the reward on a longer term horizon. You can check out his T-theory observations if you hit the link on my side bar or just do a google search for it.

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