Sunday, March 31, 2019

Friday's Stock Chart Shows Pitching Wedge And Pitch Shot: Proof Here

The first chart below shows the pitching wedge and the pitch shot. The second chart shows you without the notes so you can see the clear gap and divergence higher. A golf shot, as this clearly represents always has to come down. It may not go down into a hole, but it has to come down. Is this a purely figurative reference of what is getting ready to happen in the stock market, or is it a literal reference to what is going to happen at the Masters. I think it may be both. If it is going to go down, in my opinion on Monday or Tuesday it will need to go down big, very big, at least 3-500 points or more down. We will know for sure by Wednesday. If it goes higher and closes higher tomorrow, I just do not think they are going to make a lower "M" here. In that case I think the market is going to 27,000. If the market either goes down big tomorrow or is a neutral day, then we may be looking at an "M" forming. There is no way to get a "W" out of the S&P, but you can still get an "M". Small caps came off their high yesterday and stayed there. The Dow and S&P closed near their highs. The S&P did not appear to draw a wedge either. I think it will be obvious at tomorrow's open. And I realize that the fact that this chart represents a pitch shot, or any golf shot, that does not mean it can not keep going up. If it breaks away to the upside we would simply be left with an "Up in the air" shot. I think it gaps either up or down tomorrow, that is the only way to set it apart from the preceding candle.

Dow Jones Close 3/29/2019 Annotated



Dow Jones Close On 3/29/2019



Difference Between Chipping And Pitching


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