After breaking out of the wedge formation, the uptrend will remain in progress as long as the markets continue to trade above the T-line. The T-line remains a very important factor. AERI is a perfect example of why you want to stay long in a frypan bottom pattern unless there is a close back below the T-line. The combination of candlestick signals and patterns, and the T-line, produce extremely high probability/high profitability trade setups. The oil sector is showing strong buy signals. Stay predominantly long, any short positions should be compelling at this point.
September 17 Daily Market Comments
After breaking out of the wedge formation, the uptrend will remain in progress as long as the markets continue to trade above the T-line. The T-line remains a very important factor. AERI is a perfect example of why you want to stay long in a frypan bottom pattern unless there is a close back below the T-line. The combination of candlestick signals and patterns, and the T-line, produce extremely high probability/high profitability trade setups. The oil sector is showing strong buy signals. Stay predominantly long, any short positions should be compelling at this point.