Are not triangles usually wave 4 patterns ? I believe in the
past you have discussed that. Would the probabilities favor that it
should break to downside in continuation of downtrend ? Since clear
3 waves off the top . Are Triangles as bottoming pattern very
reliable to achieve target ? I undesrtand to follow price and
direction of break but trying to understand probabilities of
hitting pattern measurement since it would seem against trend.
dom4411 - the answer to you question regarding triangles is as
folows. Triangles are either wave 4's or B's but the SPX has YET to
complete such a pattern. Contracting trendlines alone are not
triangles so more evidence is required in this regard.
Posted by matt on 26th of Aug 2011 at 03:58 pm
SPX, SPY 30 min charts and comments
Posted by Robert50 on 28th of Aug 2011 at 06:00 am
The bear case:
Nice bear pennant.
All the inverse ETFs seem to want to go higher on intraday charts with bull flags and/or falling wedges.
I wonder if it fails when it hits the resistance you have noted. Would be nice to see more divergences to go higher.
Are not triangles usually wave
Posted by dom4411 on 26th of Aug 2011 at 06:27 pm
Are not triangles usually wave 4 patterns ? I believe in the past you have discussed that. Would the probabilities favor that it should break to downside in continuation of downtrend ? Since clear 3 waves off the top . Are Triangles as bottoming pattern very reliable to achieve target ? I undesrtand to follow price and direction of break but trying to understand probabilities of hitting pattern measurement since it would seem against trend.
dom4411 - the answer to
Posted by steve on 28th of Aug 2011 at 02:33 pm
dom4411 - the answer to you question regarding triangles is as folows. Triangles are either wave 4's or B's but the SPX has YET to complete such a pattern. Contracting trendlines alone are not triangles so more evidence is required in this regard.
Interesting how copper completed a
Posted by steveo on 28th of Aug 2011 at 11:14 pm
Interesting how copper completed a big move down, perhaps a 123, and triangled into what would be a 4, and then melted up.
Copper held up better then
Posted by matt on 29th of Aug 2011 at 03:22 am
Copper held up better then the SPX so maybe the SPX needs to melt up to play some catch up
Thanks that is helpful .
Posted by dom4411 on 28th of Aug 2011 at 07:35 pm
Thanks that is helpful . Still learning.
Inverse H&S on 30-min?
Posted by CopperMtn on 26th of Aug 2011 at 04:05 pm
Measures to just under 1230
http://stockcharts.com/h-sc/ui?s=$SPX&p=30&yr=0&mn=1&dy=0&id=p30927240721&a=162948422