Anyone who has experienced the mutant teen knows that you haven’t lived until you’ve had one.  The comic strip Zits nails the experience.  Comic, tedious, enraging — even occasionally rewarding.  And speaking of mutants a common pattern is spreading across many issues.  Some of our very acute students have been looking for a Kilroy (reverse upside down sirsanana H&S) bottom in the major indices.  Here we examine that question:

In TMW (and virtually identical in NYC) price is forming a congestion area  in what would be the right shoulder (hand).  Is that going to make a completed Kilroy here (assuming a valid breakout)?  Could.  In this case and in all the other cases that look like this — a whole raft of them.

Another way to look at this –and the other issues, because they all share the same market — is as an upwave response to the downwave that started in January.  The rally is losing speed and is rounding over and the resistance here is just the first hurdle to a real bull trend.  What is occurring here lately is either a reversal or continuation pattern.  Remember that a sideways wave can substitute for a downwave.  So this upwave may pause here and not create a downwave.  A break down would imply a test of the recent low –which could be daunting.