A month ago when the SharePlanner Reversal Indicator was showing a down side reversal. We kind of got that in the form of massive consolidation, which is always a strong outcome for a downside reversal on the SPRI when you are in the midst of a strong bullish uptrend.
Since about 11/14 we have been essentially stuck in a sideways consolidation pattern that, based on the SPRI, would lead me to believe we are very close to breaking out of to the upside in the very near future.
The daily SPRI has already bottomed and looks poised to start the move:
On the weekly SPRI we are almost there at a bottom. My gut tells me the weekly won’t confirm probably for another week or so.
So obviously we are down a good bit today, but under the surface it seems the seesawing price action over the last month might be coming to an end and a new push higher is likely to follow.
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