This Should Look Familiar: November-December 2007
Princess Gwen here. Diamonds are a girl's best friend, and they don't come cheap.
I looked at the chart for the 2007-2008 market earlier to get some perspective. I pulled it up again on the Daily, and realized that it looks almost exactly like the last month or so. What's even more weird is that there was a similar, big rise on November 28 of 2007. The one in 2007 was 2.3%, rather than the 3% we saw from this week. Still, the pattern is almost exactly the same. The goal of Technical Analysis is to find patterns that repeat, but it isn't usually this exact.
If this follows 2007, there should be market strength through Christmas, and then a tumble downwards after that. I had called for a down trend, but I think I called it too early.
I looked at the chart for the 2007-2008 market earlier to get some perspective. I pulled it up again on the Daily, and realized that it looks almost exactly like the last month or so. What's even more weird is that there was a similar, big rise on November 28 of 2007. The one in 2007 was 2.3%, rather than the 3% we saw from this week. Still, the pattern is almost exactly the same. The goal of Technical Analysis is to find patterns that repeat, but it isn't usually this exact.
If this follows 2007, there should be market strength through Christmas, and then a tumble downwards after that. I had called for a down trend, but I think I called it too early.