Posted by pimacanyon on 13th of Dec 2013 at 02:43 pm
Today's low was a double bottom, not a higher low. Now we
have a triple bottom (maybe).
We DID have a reversal pattern on the same timeframe as the symm
break, right? Falling wedge. If we just stick to that
timeframe, we should see a reversal on that timeframe, right?
Can we not apply the tutorial principles on that timeframe?
Maybe it will come, depends on whether the triple bottom
holds. Triple bottoms do occur, but they are not that common,
so odds are we'll see a break to the downside.
Pimacanyon...symmetry breaks typically produce higher lows but a
double bottom is also an outcome when the initial rally is
relatively weak. By the way, 1772.45 is higher that 1772.20 prior
low (thus a higher low). I don't see a valid falling wedge
with 3 touches on the bottom. The PATTERN that has now formed
is a DESCENDING TRIANGLE. Should you have any further
questions, please contact me via email and I would be happy to
answer such questions.
Greg - as I stated in email that was NOT a valid falling wedge.
Please google valid wedge as you must see 5 points not 3 and check
your notes as I specifically explained this exact situation in the
tutorial.
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symm break--where's the higher low?
SPX 5
Posted by pimacanyon on 13th of Dec 2013 at 02:43 pm
Today's low was a double bottom, not a higher low. Now we have a triple bottom (maybe).
We DID have a reversal pattern on the same timeframe as the symm break, right? Falling wedge. If we just stick to that timeframe, we should see a reversal on that timeframe, right? Can we not apply the tutorial principles on that timeframe?
Maybe it will come, depends on whether the triple bottom holds. Triple bottoms do occur, but they are not that common, so odds are we'll see a break to the downside.
Pimacanyon...symmetry breaks typically produce higher
Posted by steve on 13th of Dec 2013 at 02:46 pm
Pimacanyon...symmetry breaks typically produce higher lows but a double bottom is also an outcome when the initial rally is relatively weak. By the way, 1772.45 is higher that 1772.20 prior low (thus a higher low). I don't see a valid falling wedge with 3 touches on the bottom. The PATTERN that has now formed is a DESCENDING TRIANGLE. Should you have any further questions, please contact me via email and I would be happy to answer such questions.
falling wedge
Posted by pimacanyon on 13th of Dec 2013 at 03:19 pm
the 15 min chart had a falling wedge prior to the first low it put in at 12:15 PM Eastern Time on 12/12/13
Greg - as I stated
Posted by steve on 13th of Dec 2013 at 03:25 pm
Greg - as I stated in email that was NOT a valid falling wedge. Please google valid wedge as you must see 5 points not 3 and check your notes as I specifically explained this exact situation in the tutorial.