BEAR BAIT?
1997....we did get a slight new high with divergence back then.....and price action remained in a bullish pattern ....
I think price action right now is even more bullish than it was back then...
Best to open both of these side by side and do a little comparison ....spx:vix is also in a very bullish formation.
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Divergence could be BEAR BAIT..
Started by
eminimee
, Jul 21 2007 04:06 PM
4 replies to this topic
#1
Posted 21 July 2007 - 04:06 PM
#2
Posted 21 July 2007 - 04:27 PM
What about october 1997?
Breadth sort of topped and went down a bit, then a mini dump...
I tend to agree that theres too much bearishness for a top.. especially VIX.. thats just nuts how its going up like that. I don't have data going back far enough to find any example that looks similar to this...
Qui custodiet ipsos custodes?
#3
Posted 21 July 2007 - 04:29 PM
Likey the market will correct internally.
No longer interested in debating with IGNORANT people.
#4
Posted 21 July 2007 - 05:30 PM
I do notice that in 1997 we didn't have the market making new highs, during that time. This time we have divergent price. Otherwise looks similar.
#5
Posted 21 July 2007 - 05:54 PM
New highs were made then..not as much as we have done now, I think spx made a new high by a buck on that third peak...but as I said......price action is more bullish...