After reviewing this chart further on a monthly basis, UTIL topped in 2001and 2008 with both having a head and shoulder pattern. That was after the SPX topped. I now expect UTIL to go up the next few months between 800/825. This will be the top for this index, however, if this is the same as before the broad market has topped. Bear market for the next couple of years with a 40-60 percent decline is now my call. Nice call RS.
UTIL
Started by
MDurkin
, Nov 20 2018 09:53 AM
1 reply to this topic
#2
K Wave
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Posted 20 November 2018 - 10:24 AM
That island bottom gap at 720 is the key to LT picture on UTIL.
When that eventually gets taken out...GAME OVER
I am not convinced yet that it will be able to take out 750, but if it does, then a move over 800 certainly possible...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
