The Waiting Game: July 31, 2012

ORIGINAL POST:  11:30 AM SPX might be tracing out either a flag or pennant pattern on the 15-min chart.  While either could portend higher prices (2/3 of the time), a flag would mean lower prices first — probably down into the mid 1370s.   At first blush, the market seems to be respecting the last … continue reading →

Butterfly in the Making?

ORIGINAL POST:  Still long since 1331. Because we have so many new members over the past week, I’d like to suggest you check out the post: How to Use Pebblewriter.  It’s a good general overview of how my process works.  And, if Butterfly, Bat, Crab and Gartley Patterns sound like gibberish, check out the pages … continue reading →

What Time is It?

Hi, I’m pebblewriter and I’m a chart geek.  With that confession out of the way, I have to apologize.  While some of my fellow chart geeks would love nothing more than twenty pages on the correlation between stocks and the core temperatures of migratory nematodes, others just want to know where the market’s heading today. … continue reading →

Wedge no More?

The rising wedge we’ve been following will have pretty convincingly widened to a channel if it’s able to close at these levels.  We just reached the .886 of the latest dip, meaning we’re likely near the bottom of this latest move. The proposed channel lines (purple) are parallel to some pretty important ones, seen here … continue reading →

Update on the Dollar: July 24, 2012

There is significant negative divergence on the dollar on both a daily and weekly basis. DX is also very close to completing those harmonic patterns it hasn’t already completed. It’s approaching the .707 of the largest (yellow) pattern, tagged the 1.272 of the next largest (purple) pattern, tagged the 1.618 of the red pattern, nearing … continue reading →