EW Ascending Triangle Expresses Itself

Before I make a post touting a call, I am going to point you to yesterday’s post on the economy and inflation, which noted some of my buzz phrases. A wiseguy reader kindly reminded me of my worst call and buzz phrase ever, HUI to 888 or the “3 Snowmen”. Thank you good sir. So now that that’s out there…

Among my sea of red today and 3 green short positions are a very few green long positions, one of which is Edwards Life Sciences (EW), which we’ve been following in its Ascending Triangle in the NFTRH+ Charts & Notes segment.

The model was this chart of ABBV, which was highlighted early last year and absolutely destroyed even my best target (yes, I sold way too early).

abbv

The would-be copycat is EW per the Ascending Triangle that broke out a couple weeks ago and had been on radar for months. I had originally been hoping for a touch of the lower Triangle line and support in order to buy, with the alternative being a Triangle breakout.

If the stock market starts confirming a bear phase I’ll delight in showing short setups in NFTRH. We’ve thus far had a heads up to this bearish squall based on clear signals in the Semiconductor sector, which is the only sector I am short, aside from real estate. Patience my friends.

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