Chartboy - a move up to that area could be part of a larger
triangle pattern over time. This is early speculation but one
pattern I have been considering.
Another measured target would be where this advance equals the
prior advance at 1224 (a flat).
Lastly, one other thing to mention to sschulman. Often, you will
see a backtest of the broken neckline where you want to see buyers
step in on such a pullback. A failure to hold the neckline
compromises the setup.
Posted by sschulman on 23rd of Aug 2011 at 10:28 pm
These patterns are so interesting. Overnight futures are now
backtesting that line. Not sure if overnight futures would count
for the pattern - I don't see why not though. Or maybe it'll repeat
in the daytime. It's neat the way points just line up.
Posted by chartboy on 23rd of Aug 2011 at 10:36 pm
Believe me SSchulman..there is no coincidence whatsoever that
all of these points and projections line up. Everyone of the moves
the markets makes is a "fractal", (a "retracement" or an
"extension"), of a previous move. (That overall concept being know
as "symetry")
Depending on how big of a trader you are...and what security you
are trading in..it is not at all inconceivable that you can
literally "write the charts" to some extents if you so wish and
overall the fundementals and the underlying market support your
general moves.
Posted by chartboy on 23rd of Aug 2011 at 09:05 pm
Thanks Steve,
That is good to know. I outlined two possible trendlines below
in blue for the upper trendline of a potential triangle scenario.
Is this generally what you are thinking?
On a seperate note, I was just updating my charts, (I keep about
90 index/ETF charts updated more or less on a daily basis), and
I wanted to point out the relative weakness, (for a huge up
day), in all of the following groups: SMH/XHB/XLF/EWZ. If
this were the start of something bigger to the upside I would have
expected each of these groups from the semi's right through
to Brazil to have
on average outperformed the QQQ's by much greater
distance. However that was not the case. Now to be clear, the
numbers weren't bad, (in fact the SMH's and XLF did outperform the
COMP and SPX respectively as can be seen from the charts
below)..they just weren't "smokin", like one would expect if we
were about to take off on a 100pt SPX run to the upside.
C
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Chartboy - a move up
Updated SPY projection chart
Posted by steve on 23rd of Aug 2011 at 08:47 pm
Chartboy - a move up to that area could be part of a larger triangle pattern over time. This is early speculation but one pattern I have been considering.
Another measured target would be where this advance equals the prior advance at 1224 (a flat).
Lastly, one other thing to mention to sschulman. Often, you will see a backtest of the broken neckline where you want to see buyers step in on such a pullback. A failure to hold the neckline compromises the setup.
backtest
Posted by sschulman on 23rd of Aug 2011 at 10:28 pm
These patterns are so interesting. Overnight futures are now backtesting that line. Not sure if overnight futures would count for the pattern - I don't see why not though. Or maybe it'll repeat in the daytime. It's neat the way points just line up.
Believe me SSchulman..there is no
Posted by chartboy on 23rd of Aug 2011 at 10:36 pm
Believe me SSchulman..there is no coincidence whatsoever that all of these points and projections line up. Everyone of the moves the markets makes is a "fractal", (a "retracement" or an "extension"), of a previous move. (That overall concept being know as "symetry")
Depending on how big of a trader you are...and what security you are trading in..it is not at all inconceivable that you can literally "write the charts" to some extents if you so wish and overall the fundementals and the underlying market support your general moves.
Glad you enjoyed the charts/explanation!
C
Thanks Steve, That is good to
Posted by chartboy on 23rd of Aug 2011 at 09:05 pm
Thanks Steve,
That is good to know. I outlined two possible trendlines below in blue for the upper trendline of a potential triangle scenario. Is this generally what you are thinking?
On a seperate note, I was just updating my charts, (I keep about 90 index/ETF charts updated more or less on a daily basis), and I wanted to point out the relative weakness, (for a huge up day), in all of the following groups: SMH/XHB/XLF/EWZ. If this were the start of something bigger to the upside I would have expected each of these groups from the semi's right through to Brazil to have on average outperformed the QQQ's by much greater distance. However that was not the case. Now to be clear, the numbers weren't bad, (in fact the SMH's and XLF did outperform the COMP and SPX respectively as can be seen from the charts below)..they just weren't "smokin", like one would expect if we were about to take off on a 100pt SPX run to the upside.
C