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Now it's getting REALLY
interesting.
We started out with a monthly chart, then a
weekly chart and then a daily chart covering 10 months, all, in my opinion,
indicating a Sep-Oct long term top.
Todays chart, covering 1 month, is a VERY
poweful hint that we are going down hard.
I have before argued that breaks of Wedges in
the "wrong" direction generates powerful moves. Look at this
pennant(Falling wedge) which is Bullish per definition.
1 It IS broken the on the wrong
side
2. The day opened same as yesterday and closed
way below yestaday, thus forming a Bearish engulfing Candelstick
3 We broke the upper trendline in the pennant
(textbook), but didn't follow through, went just above yesterdays high but didn
follow through - and as
usually
happens - failures are followed by volatile moves the other way. Today we had 2
failures and watch the result!
4 Look at the volume - hardly bullish.
5. Not only did we break the pennant downside but we also
broke the trend line from January 2000, which has been touched 5
times!
6. This break is also the break of the large rising (bearish)
wedge (on the "right" side...). Breaks of rising wedges are usually
followed by violent moves down.
Taking that into consideration + # 3 above.
However, I do expect (hope for?) a short move up to the small
pennant's trendline, which usually happens (we have a new day on Monday and
several different opinions will probably be witnessed after the weekend -
election etc) - perhaps the election result will be the driving force down? Who
knows.
OR WAS *THIS* ACTUALLY THE FOOLER THAT WILL DRIVE PRICES
THROUGH THE ROOF?!!
hmmmm
stig
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