Both IPE and TIP, discussed in the post from last weekend, reversed direction after breaking out of the patterns mentioned. They each have now moved back into their patterns after reaching minimum target levels.
Targets were not mentioned in the previous post but would be the standard measuring objectives for the patterns. For IPE, 51.69 (hit exactly), and 104.73 for TIP.
IPE Breakout & Reversal
IPE broke out on Monday and reached a high of 51.69 before reversing, while TIP also broke out on Monday, very strong, and reached a high of 104.79 before reversing.
The strong and clear breakouts, followed by quick reversal with momentum all the way back into the patterns indicates the upside on these two ETFs in the short term is done and a period of consolidation is likely or a continuation to the downside. Each dropped almost to the upward trendline support levels very quickly. This is a bearish sign.
TIP Breakout & Reversal
