Anyone Recognized This Chart Pattern?
Started by
TechMan
, Aug 30 2010 03:43 PM
10 replies to this topic
#1
TechMan
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Posted 30 August 2010 - 03:43 PM
Very symmetrical with the intraday low right at 43.60
#2
Islander
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Posted 30 August 2010 - 04:02 PM
But..... it moved to its high on low volume and increased vol on the decline. Looks like more new lows.
Longer run, this is not a good trade since it is range bound and without Fib analysis of each swing it is hard to say what is next.
I am conserving cash right now until the market decides what it wants to do.
Islander. 
#3
thespookyone
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Posted 30 August 2010 - 04:03 PM
All the volume is on the head-a non starter.
#4
zoropb
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Posted 30 August 2010 - 04:27 PM
It needed to trade north after 12 today and hold it and it did not. Results in a 80% probability of continuing the barbecue.
Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.
#5
TechMan
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Posted 30 August 2010 - 05:07 PM
Looking at this chart throughout the day, I kept thinking symmetrically it’d only make sense to reach last Wednesday 1:30 pm support at 43.60. And then it did, right before the close.
I can’t recall the last time I saw a chart pattern with wingspan like this. I don’t know what to make of it, and I’m not sure how this symmetry would play out. Will it mirror this?
When it's all said and done, they should probably put this one in the next edition of Encyclopedia of Chart Patterns. I’ll call it the Eagle Landing pattern. And, we'll find out whether it should go into the Bullish or the Bearish pattern chapters.
In any case, I heard what you guys are saying. I also didn’t get a confirmation today. So, I’ll wait. But the minuscule trading volume also tells me that there’s little conviction from the bear camp.
You may also notice that, while the market’s range bound for 5 days, the Nasdaq is actually forming a Megaphone Bottom. Today’s range is right in the middle of that Megaphone.
So, we’ll see…
I can’t recall the last time I saw a chart pattern with wingspan like this. I don’t know what to make of it, and I’m not sure how this symmetry would play out. Will it mirror this?
When it's all said and done, they should probably put this one in the next edition of Encyclopedia of Chart Patterns. I’ll call it the Eagle Landing pattern. And, we'll find out whether it should go into the Bullish or the Bearish pattern chapters.
In any case, I heard what you guys are saying. I also didn’t get a confirmation today. So, I’ll wait. But the minuscule trading volume also tells me that there’s little conviction from the bear camp.
You may also notice that, while the market’s range bound for 5 days, the Nasdaq is actually forming a Megaphone Bottom. Today’s range is right in the middle of that Megaphone.
So, we’ll see…
#6
zoropb
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Posted 30 August 2010 - 05:17 PM
Correction just finished some work... there is a 71.3% probability it goes south. Not good for the bullish case unless a night monkey miracle takes place.
Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.
#7
TechMan
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Posted 30 August 2010 - 06:12 PM
Correction just finished some work... there is a 71.3% probability it goes south. Not good for the bullish case unless a night monkey miracle takes place.
Thanx for your work, Z, although I'm looking at the probability of a big rally tomorrow. I'm not done with my work yet. We'll see...
BTW, where's your "graphical presentation"? Just kidding, bud...
#8
zoropb
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Posted 30 August 2010 - 07:15 PM
Correction just finished some work... there is a 71.3% probability it goes south. Not good for the bullish case unless a night monkey miracle takes place.
Thanx for your work, Z, although I'm looking at the probability of a big rally tomorrow. I'm not done with my work yet. We'll see...
BTW, where's your "graphical presentation"? Just kidding, bud...
Man that is too much work. I appreciate your posting them btw but I'd rather get a JD and let my math guess at it and post the result.
Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.
#9
qqqqtrdr
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Posted 30 August 2010 - 09:29 PM
Yep, I compared to the S&P 500 daily.. Bullish Sandwich Formation..
http://www.hotcandle..... Sandwich.htm
http://www.hotcandle..... Sandwich.htm
#10
TechMan
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Posted 31 August 2010 - 12:15 AM
Yep, I compared to the S&P 500 daily.. Bullish Sandwich Formation..
http://www.hotcandle..... Sandwich.htm
Not a "perfect" Stick Sandwich, but it's close enough.
I know it looks bad, it smells bad, and it feels bad. But really, the bears have no more control of the market than the bulls. In addition to the minuscule trading volume, the blue bars on this Elder Impulse System chart also indicate split decision between buying and selling pressure. And, it's not unusual to see the gathering of these blue bars near the end of an existing trend.
And, Z, joking aside, I know you work hard too...
Edit: I really wish somebody remembered seeing above mentioned "Eagle Landing" pattern in the past could share his/her insight with us.
Edited by TechMan, 31 August 2010 - 12:20 AM.
