.

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
.


The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Saturday, 1 June 2013

We got a "red brick" on the BPI Renko chart,which is an early indication for a trend reversal. Chart from link on SoulJester's RLS Blog.


Posted by at

4 comments:

  1. Joy Division2 June 2013 at 11:39

    Hi CR, Here is a chart of the ASX 200. The fact Asia sold off earlier than the US or Europe says to me that if it continues to go down from here there is a good chance we are dealing with a larger correction or potential trend change that may well play out on the larger global indexes as well. I was personally thinking and am playing a small degree wave 4 that may well finish on Monday. But maybe not! That is why I think Monday/Tuesday Asia trading will be key to whether we continue down on a global scale into something much bigger or not. The fact that the downward move on the ASX has already broken the long standing trend channel for what I have labelled as wave 3 at intermediate (yellow) degree indicates the decline is at wave 4 at intermediate degree and not minor degree corrections that have been associated with this wave since June 2012. Can;t be certain it is the right count but if it keeps going down now it is a very good indicator this correction is at least at the larger intermediate degree, or potentially a trend change
    This Twitpic has poor resolution so will start looking for a better site for posting charts.

    Enjoy the rest of your weekend!

    http://twitpic.com/cuyd8b/full

    ReplyDelete
    Replies
    1. Joy Division2 June 2013 at 20:09

      I note the link to the chart did not work for some reason so try this out. Photobucket seems to give a better resolution than Twitpic.

      http://s1299.photobucket.com/user/HydroEcol/media/XJO20130602172917_zps7e4e51bb.png.html

      Delete
  2. Chartrambler2 June 2013 at 13:27

    Thanks JD. Yes ,the 2 weekly candles on FTSE look ominous and FTSE has a history of often leading other markets. Should be an interesting week !

    ReplyDelete
  3. Joy Division5 June 2013 at 09:35

    Wish I had stuck to the idea of a linear down wave 4 for the ASX as in the chart I sent you. I ended up thinking there would be a decent B wave to counter the linear down and went long but it has continued down in that linear fashion. Maybe we get a delayed B wave reaction but would have expected it earlier than this.

    ReplyDelete

Subscribe to: Post Comments (Atom)