Tuesday, July 19, 2005

Three thrusts up

Stock Market: CNBC Report by Bill McLaren
There is an intermediate term distribution pattern I have been using for the past few decades that shows up on weekly and monthly charts. I refer to it as a "three thrust pattern" and can also show up on daily charts, but is very powerful on weekly charts. You can see the third thrust I have numbered on the chart. There could still be a short period distribution or even an extension up and marginally higher up to 14 August, but I believe this up trend up is complete or will complete by the August date. And once the "street" realizes that is a valid top, it should be good for stock indexes. And could be the catalyst for the final exhaustion leg up in stock indexes.