Close But No Cigar – Time to Take it Easy

The market is in one of those “will it, won’t it” phases.

The OVI Dashboard shows that many stocks have progressed from 1-month trends into 2-month trends, and we can also see that may are now in a shallow retracement.

This brings about the possibility of my “Retracement Reversal” setup, but it may be a bit early for that as I typically prefer a steeper retracement.

In any case I certainly prefer an unambiguous OVI pointing in the way of the reversal and dominant trend, and I also prefer a clear reversal setup like a Doji or Railroad Track pattern.

It’s close but no cigar for those right now, but this week’s OVI market update shows a few marginal ones and a couple of nice OVI bull flag setups.

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