History Repeating Itself, 2009.09.06

6. September 2009
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ES Daily: As mentioned in past posts, sometimes history repeats itself (but in a more compact or expanded way).  In the chart below, the two circled areas look very similar, 'eh?  Even when looking closely at the minor peaks, there is a lot of similarities.  Plus, both look like a head and shoulders pattern.  Does this give a possible window into next week?

It's been said that the week or few days leading up to a major holiday is typically counter the trend the market is in.  In this case, we rallied the last past of last week before the Labor Day weekend.  Does this mean a fall the beginning of next week?  This is in line with day following the circled area!

Good hunting traders! 

 
 
 

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