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A New Channel For Stocks

|Includes:SPDR S&P 500 Trust ETF (SPY)

An interesting graphic at 5 Min. Forecast today:

So can we put it on auto pilot?

I'll ask three questions:

1. So far the rebound from the dip is a lot less robust than the two previous cases. Is this a matter of concern?

2. What would an Elliot Wave analyst say the pattern is? Is it a-b-c-d so far with a final "e" awaiting for a peak?

3. And how many people see a half of a head and shoulders pattern emerging?

There really should be a fourth question:

How many time have you seen someone mention the potential for a head and shoulder pattern over the years that didn't ever complete?

Finally, back to auto pilot: A fool and his boat are soon parted on auto pilot.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: SPY