FWIW: The chart I posted below "ES correct size" has confirmed the break of its neckline. Interday the pattern calls for higher prices as well. We have done the slighly larger range as expected, but I would guess it will expand out to 15-18 handles which should be seen late in the day. Failing the nexkline would be clearly bad at this juncture, so stops can be tight.
S$P's interday Neckline broken
Started by
crestdorf
, Feb 20 2007 12:31 PM
3 replies to this topic
#1
Posted 20 February 2007 - 12:31 PM
#2
Posted 20 February 2007 - 12:44 PM
I'm fussy when it comes to necklines....I don't count them unless both "armpits" hit the same line.......I see it more of the top of a wedge
http://stockcharts.com/c-sc/sc?s=$SPX...2211&r=4747
http://stockcharts.com/c-sc/sc?s=$SPX...2211&r=4747
#3
Posted 20 February 2007 - 04:44 PM
Thanks. I was refferring to an interday pattern with chart posted yesterday. The follow through was NOT convincing. Unless this price extends in am, this pattern is hosed imo. That would be quite supportive you your chart posted above as the interday smaller time frame is overpowered by the daily...I'm fussy when it comes to necklines....I don't count them unless both "armpits" hit the same line.......I see it more of the top of a wedge
http://stockcharts.com/c-sc/sc?s=$SPX...2211&r=4747
#4
Posted 20 February 2007 - 07:14 PM
Teaparty: Ah. Take a look at this. Very clear now. A break of t/l is not going to be pleasant as price should return to lower unfilled gap area.Thanks. I was refferring to an interday pattern with chart posted yesterday. The follow through was NOT convincing. Unless this price extends in am, this pattern is hosed imo. That would be quite supportive you your chart posted above as the interday smaller time frame is overpowered by the daily...I'm fussy when it comes to necklines....I don't count them unless both "armpits" hit the same line.......I see it more of the top of a wedge
http://stockcharts.com/c-sc/sc?s=$SPX...2211&r=4747
http://img157.images...sorwedgevs5.gif