Triangle Breakout | Andrew Aponas
Updated
I am tracking along with the financials and making another update to the 30 minute intraday chart for BAC. I like BAC the best out of the financials because Warren Buffet has invested so much himself in it and because the Bank is buying back about 17 billion dollars worth of shares this year. To me that is extremely bullish. Ok moving on to the current price action, it seems like price has just formed a double top, which if proves to be a bearish reversal pattern and continues to breakout will mean the bulls will be cutting their losses because the insiders have bailed out of the trend and are probably going short, in the event that it is a double top that breaks out bearish. There is also a chance that this is a triangle consolidation pattern and the market is continuing to be propped up while the financials continue to shake out the sellers. I am bullish on the financials, I am hoping the insiders are still committing to their bullish campaign. Either pattern: I am noting, that it feels like more often then not my intraday analysis gets steam rolled and thrown out the window. It may prove to be neither. One thing is for certain WFC is the only bull that continued bullish today, and a lot of financials are getting squandered. The opportunity to break this price level is at hand, but I suppose that only matters to the people who can't control the market. The minor volume is trading around average and validated the bearish wave which may suggest the bullish pivot will be different. The Primary and Intermediate volume is declining which may suggest the market is pausing and preparing for another breakout. I will be looking for a low volume test and expecting price to pivot bullish and possibly gap up again. Thank You, God Bless.
Note
I didn't even read this entire article but, the picture explains quite a bit. The insiders are using this and exploiting the lower class to shake the sellers. In my opinion, it looks like a bunch of chain smoking alcoholics rioting. But hey, give these guys more money right?? God Bless, stay sober, don't smoke, don't sell into the exploitation. One question, does Tesla get a 15% tax cut? If that answer is yes.Note
My opinion on the Tax Deduction is fairly simple, cut all the corporate tax rates. They did? Sometimes I can't tell because of all the garbage the news puts out. Some say one thing others lack saying anything, etc. Corporate America for the record is dying out there folks, it is time to revamp this country. There is vacant buildings upon vacant buildings in Florida, Mom+Pops come and go like hurricane season. Say one thing or the other the fact is simple, the more money the Corporations have, the more work they are going to do. Isn't that how it goes at the 9-5's? Give them a little, and they take it all. Are these people worried they won't find a job, get overtime, or not have an opportunity? Or do they just don't like to work?
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