Traders,

At times, during the last week, it looked as if our Cup and Handle pattern was going to be legitimized. However, caution was admonished. We had not yet seen 3 candle closes above our neckline on the daily which would have allowed for the safest entry. Though, we played around above the neckline for over a week, the break was never confirmed with 3 solid price closes above the neckline on the daily. This provides valuable teaching material for us all to observe and learn from going forward.

I will review price history and show you what I needed to see for solid confirmation.
I will also review the four charts I was observing this past week.
And finally, I will show you what the picture now is looking like going forward.

Stew

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Stewdamus' Chart Analysis & Trade Alerts

This is why I wait for 3 confirmation candles…