Carl Swenlin:Long Term Technicals look bullish
I won’t post the full article here but whats more out of the norm for Swenlin’s end of 2009 post is the last monthly price chart with his PMO Oscillator as indiactor:
Finally, the monthly chart looks very bullish for the long term (months to years). I say that primarily because the PMO has turned up from a deeply oversold reading and has passed up through its 10-EMA. This is about as bullish a picture as you are likely to see on a monthly chart. Keep in mind that this doesn’t override the medium-term or short-term picture. If you study the chart carefully, you will see that quite violent price swings can occur without causing the monthly PMO to change direction. Nevertheless, the overriding message is that the long-term direction of the market is most likely to be up.
Bottom Line: The short-term chart presents two opposite possible outcomes, but the medium-term (stronger) time frame points toward a correction of modest duration; therefore, an upside breakout is unlikely to be sustained. The long-term (strongest) chart tells us that, regardless of how severe a correction we experience, the bull market will ultimately prevail.
[Read the rest of this technical analysis here >>]
Related posts:
- Expert’s Corner:Carl Swenlin still bullish but cautious
- Carl Swenlin:EMA cross over signals Long Term Bull
- Carl Swenlin: Very Bullish Indicator
- To Carl Swenlin:Can we short the market now?
- Experts Central:Breakout Attempt?
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