In the start of May to the end of June everyone and my mother was calling for a head and shoulder pattern to take us to the double dip scenario. CNBC, Bloomberg and Fox business seemed to report on this technical pattern on a daily basis. Once the second shoulder formed bears started to short and the market did the opposite. The pattern was busted and we continued up. Over the years of trading and watching the markets I have learned that the market will not allow everyone to be right. That's why I like being a contrarian.
I keep hearing that this is the start of the next major pullback. But is there going to be a major pullback? I don't think so, I'm in the camp of a shallow side ways correction. Since all the major networks and blogs I read are all calling this the start of the major double dip correction it probably wont happen.
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