Beautiful Color Structure Update of the Current Bull Market
Tue, Jun 6, 4:11 PM ET, by Corey Rosenbloom
As price (slightly) pulls back from the all-time high, let’s raise our perspective to the current price structure chart of the S&P 500.
Here’s our market from a different perspective:
Market Structure charts allow us to visualize the swings that build trends – in this case an uptrend.
From April to December 2016, price remained in a rising parallel trendline channel until price broke out impulsively higher in February 2017.
From there, structure “built” a narrower rising parallel trendline channel that takes us to the present moment.
We’re at the upper bound of the parallel trendline and our structure chart suggests a pullback from the high.
The logical target would be the lower rising trendline approaching 2,360 or – at a minimum – the midpoint near 2,400.
Sometimes simple approaches work best, and our “color structure” grid does allow that viewpoint.
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Corey Rosenbloom, CMT
Afraid to Trade.com
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Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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