10 replies to this topic

[Douglas]

In my last post I blathered on about a potential rising wedge pattern in the DJIA daily chart.  On the 9th of December the DJIA very briefly broke the top of the pattern but returned to inside the fold before too much technical damage was done.  Again this morning the DJIA has broken out of the wedge this time the bottom.  Given these two excursions disrespecting the pattern it would appear to me that the time has now come for this pattern to, in a crude country expression, either crap or get off the pot.  By the end of today the DJIA should be planted firmly below the line, at most positive just readying a test of the bottom rising line early next week, or at worst sailing south.  If not, the pattern is probably a dud.  As I always say, time will tell.

 

 

One other interesting point is that the focus of the triangle is roughly on December 24th which my preliminary calculations indicate may be a very strong risk window.  So even if this rising wedge pattern fails, it may yet still produce some useful fruit.

 

Regards,

Douglas

 

[slupert]

In my last post I blathered on about a potential rising wedge pattern in the DJIA daily chart.  On the 9th of December the DJIA very briefly broke the top of the pattern but returned to inside the fold before too much technical damage was done.  Again this morning the DJIA has broken out of the wedge this time the bottom.  Given these two excursions disrespecting the pattern it would appear to me that the time has now come for this pattern to, in a crude country expression, either crap or get off the pot.  By the end of today the DJIA should be planted firmly below the line, at most positive just readying a test of the bottom rising line early next week, or at worst sailing south.  If not, the pattern is probably a dud.  As I always say, time will tell.

 

 

One other interesting point is that the focus of the triangle is roughly on December 24th which my preliminary calculations indicate may be a very strong risk window.  So even if this rising wedge pattern fails, it may yet still produce some useful fruit.

 

Regards,

Douglas

 

YM's touched their adaptive 20 ma, looking for it too turn up, same thing with NQ's, just bought a few minutes ago. (JMHO)

[slupert]

 

In my last post I blathered on about a potential rising wedge pattern in the DJIA daily chart.  On the 9th of December the DJIA very briefly broke the top of the pattern but returned to inside the fold before too much technical damage was done.  Again this morning the DJIA has broken out of the wedge this time the bottom.  Given these two excursions disrespecting the pattern it would appear to me that the time has now come for this pattern to, in a crude country expression, either crap or get off the pot.  By the end of today the DJIA should be planted firmly below the line, at most positive just readying a test of the bottom rising line early next week, or at worst sailing south.  If not, the pattern is probably a dud.  As I always say, time will tell.

 

 

One other interesting point is that the focus of the triangle is roughly on December 24th which my preliminary calculations indicate may be a very strong risk window.  So even if this rising wedge pattern fails, it may yet still produce some useful fruit.

 

Regards,

Douglas

 

YM's touched their adaptive 20 ma, looking for it too turn up, same thing with NQ's, just bought a few minutes ago. (JMHO)

 

CHOO!! CHOO!!

[da_cheif]

In my last post I blathered on about a potential rising wedge pattern in the DJIA daily chart.  On the 9th of December the DJIA very briefly broke the top of the pattern but returned to inside the fold before too much technical damage was done.  Again this morning the DJIA has broken out of the wedge this time the bottom.  Given these two excursions disrespecting the pattern it would appear to me that the time has now come for this pattern to, in a crude country expression, either crap or get off the pot.  By the end of today the DJIA should be planted firmly below the line, at most positive just readying a test of the bottom rising line early next week, or at worst sailing south.  If not, the pattern is probably a dud.  As I always say, time will tell.

 

 

One other interesting point is that the focus of the triangle is roughly on December 24th which my preliminary calculations indicate may be a very strong risk window.  So even if this rising wedge pattern fails, it may yet still produce some useful fruit.

 

Regards,

Douglas

 

what will happen from a rising wedge  https://www.siliconi...?msgid=33087095

[Douglas]

Don, that DISNEY action is what I call a catapult (not sure about the proper name) and is definitely one of the possibilities.  At the close on Friday the DJIA has moved back inside the triangle with breaks in the lines on the 9th above and today below with no sharp action in either direction.  Volume also has continued to decline.  I would expect that volume will rise sharply on any real breakout/breakdown.  Given the hesitancy here, this joker of a pattern might just fizzle, disappointing both the bears and the bulls.  Time will tell.

 

Regards,

Douglas

Edited by Douglas, 11 December 2020 - 04:22 PM.

[gm_general]

Then there is negative MACD crossovers, Dow was first

[12SPX]

Kind of hard to compare one company against 30 also,,,,little bit different...

[tradesurfer]

I think we topped out.

 

Today DJIA did a stick save and hammer candle...

 

but there were a bunch of hammer candles on February 19th 2020 too right before a melt down...

 

Everyone who wanted to buy has already bought in, the last buyer has already shown up at the door... now the decision is who will be able to get out the door first to LOCK IN PROFITS on this blistering rally before massive tax increases destroy portfolios.

[slupert]

I think we topped out.

 

Today DJIA did a stick save and hammer candle...

 

but there were a bunch of hammer candles on February 19th 2020 too right before a melt down...

 

Everyone who wanted to buy has already bought in, the last buyer has already shown up at the door... now the decision is who will be able to get out the door first to LOCK IN PROFITS on this blistering rally before massive tax increases destroy portfolios.

Fosback Absolute Breadth Ratio Says This Is Not A Top - Free Weekly Technical Analysis Chart - McClellan Financial (mcoscillator.com)

[linrom1]

 

In my last post I blathered on about a potential rising wedge pattern in the DJIA daily chart.  On the 9th of December the DJIA very briefly broke the top of the pattern but returned to inside the fold before too much technical damage was done.  Again this morning the DJIA has broken out of the wedge this time the bottom.  Given these two excursions disrespecting the pattern it would appear to me that the time has now come for this pattern to, in a crude country expression, either crap or get off the pot.  By the end of today the DJIA should be planted firmly below the line, at most positive just readying a test of the bottom rising line early next week, or at worst sailing south.  If not, the pattern is probably a dud.  As I always say, time will tell.

 

 

One other interesting point is that the focus of the triangle is roughly on December 24th which my preliminary calculations indicate may be a very strong risk window.  So even if this rising wedge pattern fails, it may yet still produce some useful fruit.

 

Regards,

Douglas

 

what will happen from a rising wedge  https://www.siliconi...?msgid=33087095

 

LOL. this is a garbage stock. It belongs in the same category with DoorDash.

Edited by linrom1, 12 December 2020 - 01:00 PM.