3 replies to this topic

[tozwp]

If this holds here and turns back up, this could be an inverse h& pattern measuring to about 885ish. If it breaks, this could go down to the lower broad pattern line currently around 800ish. Place your bets here as it should be low risk either way. One of these patterns is wrong.

<a href="http://img517.images...age=er2oc5.gif" target="_blank"><img src="http://img517.images.../er2oc5.th.gif" border="0" alt="Free Image Hosting at www.ImageShack.us" /></a>

If this holds here and turns back up, this could be an inverse h& pattern measuring to about 885ish. If it breaks, this could go down to the lower broad pattern line currently around 800ish. Place your bets here as it should be low risk either way. One of these patterns is wrong.

<a href="http://img517.images...age=er2oc5.gif" target="_blank"><img src="http://img517.images.../er2oc5.th.gif" border="0" alt="Free Image Hosting at www.ImageShack.us" /></a>

Not sure the chart went through:

Edited by tozwp, 10 May 2007 - 02:37 PM.

[Mr Dev]

It's at the 30ma where it bounced big last time diverged and is retesting .... that supports a st bounce but

as does the daily siganal but but the daily sig also shows a RGHT leaning H&S formation for a sell sig

The thin line on this daily chart shows a possible support area,...and again that is where it bounced off the 30ma last time.

Now weigh in other ta and then look at the Rght angled H&S formation and do you really want to bet much on a bounce??

Not this kid!

That style or Formation for a H&S as most here should know is a very big negative as it is likely signaling that the last up move

was a back kiss. A diverging one at that!

Edited by Mr Dev, 10 May 2007 - 03:01 PM.

[tozwp]

It's at the 30ma where it bounced big last time diverged and is retesting .... that supports a st bounce but

as does the daily siganal but but the daily sig also shows a RGHT leaning H&S formation for a sell sig

The thin line shows a possible support area,...and again that is where it bounced off the 30ma last time.

Now weigh in other ta and then look at the Rght angled H&S formation and do you really want to bet much on a bounce??

Not this kid!

That style or Formation for a H&S as most here should know is a very big negative!

Got a chart of your 'right leaning h&s' pattern? I've got a rising wedge break on ER2 (wedge going back to 3/14). Could also draw the daily as a double top (2/23 and yesterday). Lots and lots of gaps below current prices. And I could draw the daily as a broad pattern using the lows of 1/9 and 3/5. A revesal here would be number #4 in that pattern. In other words, I've got lots of market indecision here and nobody seems to be in control longer term. Plays both ways work well for now.

Here's my 240 minute chart of price. The circled area could be an inv h&s only if it holds support here and gets moving back up. Otherwise, there are two larger rising wedges and a potential double top working here. The 840 area seems to be an electric fence for this now.

I see your h&s on your indicator. That's something I haven't used before. I'll keep an eye on that now.

[thespookyone]

Yes, Mr. Dev, not only with divergence, but low volume and weak breadth, as well-it screams backtest.