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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
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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, 13 October 2012

We broke the wedge trendline on Friday and are below the moving aves.



this is the square of 360 anchored off 1080 and the September low.We have spent 5 weeks unable to get through 1462.5 which is 1/16 extension of the square




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3 comments:

  1. Anonymous13 October 2012 at 17:38

    The 360 charting on this rally out of the 2011 lows has really worked out well. How often is an "extension" above or below seen? Can it be similiar to an Elliot Wave overthrow or underthrow? Does it also have the same implications when dealing with a failure? With the Elliott Wave overthrow and failure in an ending diagonal for example, the expectation would be for a fast vast move in the other direction - something similar to the Gann rule of 3.

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  2. Chartrambler13 October 2012 at 18:09

    difficult to say HR,I've not read any "theory" on it but I am inclined to view it as an overthrow (or failure)until proven otherwise,so breaking back below 1440 is potentially a bearish signal in my book.

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    Replies
    1. Chartrambler13 October 2012 at 18:13

      I guess from a classical charting point of view we also need to see if the highs from April/may act as support or are broken

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