This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
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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
Tuesday, 30 September 2014
2 bearish looking charts
from Ron Walker,with my annotations showing double top in 3rd lower high position
best guess looking at some simple cycles,trendline and 50% retrace. Emphasis on "guess"
edit....I think it will do a 0.618 retrace most likely but the 50% is a decent marker
measured move (red arrows) supports
Interesting that on the SPY 3 times the low pretty well nailed the high. The green line is now resistance
(Wednesday was an outside day so some would argue its doesnt count on a swing chart.Nevertheless I would count it and would counter that on a 4 hr swing chart it would clearly show up as a range) In addition Wednesday's high was a failed attempt to regain resistance from the green line hi/lo resistance line)
for now the assumption is we got a high on the 2025 day cycle (Sunday and Equinox weekend)
conservative traders could wait for the first lower high to confirm (Gann's "safest place to sell")
the Scottish Referendum was a "sell the news"event for sterling ,with a bearish gravestone doji printed on the weekly cable chart.I suspect sideways volatility before lower prices is the most likely option
a UK penny stock I have posted a chart of before.Bullish engulfing candle at trendline support
I added another "zero angle" Gann fan,this time using the
date of the 1343 major low.The 3x1 was at 2019 on Friday (673 days
times 3)
673 + 1343 = 2016 (the 1x1 from that low),and (as I have been saying ) 2015 is 50% (1.5 x1343.35)
We just failed to tag 2025 on Friday,but came darned close.Time reaches 2025 tomorrow (Sunday) so it will be interesting to see if the market reacts to this symmetry of price and time.
Nice reversal candle in Dax back below 78.6% retracement.Suspect we have our lower high
on the 15 mn chart we have a double top at 2010-11 and our Gann clustered res is around 2007.5,so this could be a sellable top against the highs ,or maybe a correction and one more push a little higher ?
A break back below the cloud would probably be a decent signal for bears (Chart from Ron Walker's public list)
a couple of bullish hammer candles forming,3 month decline,5 waves......may be forming a bottom ?
My last post a few weeks ago was looking for 90,which was almost tagged