We’re getting dangerously close to our downside target range of 1295-1323, first discussed back in April. 1349.42 — .886 of the purple Butterfly (tagged) 1343.41 — 1.272 of the yellow Crab pattern (tagged) 1340.03 — horizontal support, prev. Point X (tagged) 1323.85 — 1.618 of yellow Crab (next) 1317.63 — 1.272 of purple Butterfly 1289.14 … continue reading →
Tag Archives: Channel
ORIGINAL POST: In yesterday’s post [see: Two Targets Down], I theorized we would go up and trace out a right shoulder to complete a small H&S pattern in the right shoulder of the larger (completed) H&S. So far, that’s exactly the way it’s playing out. As discussed, the perfectly-formed shoulder would take prices up around … continue reading →
Yesterday, we hit our initial downside target laid out over the weekend [see: So Far, So Good] when we nailed the Fibonacci .886 retracement of the Butterfly pattern (purple) we’ve been following since April 10. We bounced hard there, as the RSI chart indicated we might [see: 3rd Time a Charm] and completed a back … continue reading →
UPDATE: May 8, 2012 NYA has completed its Head & Shoulders pattern, targeting 7340 on the downside. The Mar 30 forecast has played out nicely, although it took a little longer than expected. My gut is that NYA will remain stalled between 8300-8450 and not complete the larger Bat pattern at 9679. I suspect it … continue reading →
AUDUSD can be viewed as having dropped into a long term channel back in 1997. As its 2011 efforts to break out indicate, any significant upside will be limited by that channel. It now sits at a critical juncture — the last fan line coming off the 2008 lows is the only thing standing in … continue reading →
NOTE: New on the MEMBERSHIP>MY PROFILE page, a sign up area that will allow subscribers to be texted whenever a new post is added or added to [note: additions don’t seem to be generating additional texts — working on this]. I tested it last night, and it took only 3-4 minutes for a SMS … continue reading →
We didn’t have to wait long for the Bat pattern I posted at 11am to play out. The .886 target was 1414.97, and we reversed at 1415.32 at 11:50am — closing just a fraction above the subsequent low for the day of 1405.25. I was disappointed to be stopped out of my short position early … continue reading →
In spite of the indecision demonstrated in this morning’s post, I’m seeing a channel set up on the RSI that’s tilting me slightly more bearish. It’s the dashed, red channel on the chart below. Remember, everything that’s happened since April 4 is technically a back test of a broken rising wedge — unless we break … continue reading →
Maybe it should read “be put away in May?” It occurred to me over the weekend that Friday’s posts probably sounded a little schizophrenic. “Next Stop 1462?” does seem a little out of step with “VIX Ready to Rumble.” Is it me, or is the market perhaps a little schizophrenic? This morning’s drop does little … continue reading →
Back on the 18th [see: VIX at a Crossroads] we charted VIX’s future, observing that it had fashioned a perfectly good falling wedge into a downward sloping channel. We talked about how a drop to 16 would be the ideal level for an Inverse H&S pattern to develop. Guess what? It’s interesting that VIX is … continue reading →