Thursday, 5 April 2012

SHLD - down cycle complete?

Sears has certainly had a pretty strong -but consistent down cycle for the past 3 trading weeks - from what is an obvious double-top.

SHLD, daily, near term

We are coming up to the major jump/gap level from Feb'23rd @ $60. This would make for a nice place to level out, before the next wave.

Counting...wave'4 ?

I guess you could count 1 to 4 in this giant up wave since January. Are we to expect one final up wave - equating to SP'1430/40 by late April? Of course, the fifth, doesn't necessarily have to be higher, a triple top would be a pretty good place to short from - if the indexes do indeed get stuck as earnings season is largely completely by late April.