Today's high can be used as a sell-stop on shorts against a break of the 4 day range (inside Monday last week's range)
above is cash chart,below is the future
we should accelerate down from the head and shoulder neckline,4x1 should contain the decline.We are down 10 td and 16 is a typical short-term cycle
above is cash chart,below is the future
we should accelerate down from the head and shoulder neckline,4x1 should contain the decline.We are down 10 td and 16 is a typical short-term cycle
That's a great observation about the "inside day" thing CR. I wouldn't have noticed it but it's a 'big deal'.
ReplyDeleteWhen I just glance at your top chart above the first thing that strikes me is that it sure as heck doesn't look like a bottoming pattern. It looks like a wave 3 of 3 down is on deck. Either that or an entire leg 'c' down is required. One or the other.
It looks like a heck of a set-up for bears. It also looks a lot like the chart of the Russell and I read one commenter state that (regarding the Russell) "It's humming and hawing right around the neckline instead of crashing like a good H&S should." I say he's given up too quickly and that that solid down-leg that 'should' develop from a H&S is just around the corner. There's no rule that says it has to happen immediately. Back testing is permitted, lol.
Hope the rest of the week treats you well partner. Next time you come to western Canada in the summertime, I'll take you to this place.
http://i1.trekearth.com/photos/44239/sh100112ps800.jpg
It must be a good place AR ....I get a message "403 Forbidden" !
ReplyDeleteI just realised I can't count and that there were 5 inside days ! If I recall correctly this is one of Jeff Kennedy's setups (Futures guy at EWI) and is a good indication of a fast move,and is neat because of the close stop.