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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Pimacanyon...symmetry breaks typically produce higher
SPX 5
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.