the power of expanding triangles
Posted 03 December 2017 - 08:42 AM
Don, you might want to read the following article at that same web site before you get too bulled up: https://www.seeitmar...e-unseen-17525/
and ur talking to ME? lol.....i get the message of the market from the market itself.....where do you get yours.....?......Douglas you might have wanted to read the messages from me......you would have been a lot less worried dont you think?
Posted 03 December 2017 - 11:34 AM
There are not enough support and resistance points. Some people drew the same chart several years ago with the prediction that the market would make even lower lows than in 2009. The bottom line doesn't really come close on either the log or normal scale, regardless of using closing prices or high-low-close bars. The bottom line on the SPX would probably be best drawn as a horizontal. At least, then it intersects the 2009 lows and indicates support.
He also left out labeling a similar pattern from the beginning of the last century to the end of the twenties.
Posted 04 December 2017 - 09:09 AM
I think the biggest point there is the 1987 crash was in there not long after the end of the megaphone, which I would like to say did get the excesses out. However, thats where we are now so when we don't see volatility you could see it again. We need corrections like we did on Friday to keep people honest which actually barely counted as it was only under -1% for minutes. Thats not healthy!! Were setting records for no daily -1% records, weekly -2-3 and -5% corrections. We need to see volatility start or we'll see a 1987 correction again and investors will be crushed as you know they always buy high and sell low and don't get back in till the rallies long gone again!