here's a potential pattern, possible some kind of expanding
triangle or megaphone pattern as it's generally called, they form
ABCDE patterns. Too early to tell since SPX is not over the
932 level
Posted by capital1 on 15th of Jul 2009 at 01:59 pm
Hello Ravun, your opinion is always appreciated. If
we finish wave 5 today,
will we pull back from here, and what is the estimated pullback
area? Could I buy here for a swing trade into next week? I
subscribe to a cycle chartist who says the next lower high will
arrive on July 24th
just look at the chart, wave E would be at the top of the
triangle, hence new highs. so as Steve said, woudl be bullish
intermediate term if that is the correct pattern and yes longer
term bearish.
SPX megaphone?
Posted by matt on 15th of Jul 2009 at 10:53 am
here's a potential pattern, possible some kind of expanding triangle or megaphone pattern as it's generally called, they form ABCDE patterns. Too early to tell since SPX is not over the 932 level
Errr Matt
Posted by ravun on 15th of Jul 2009 at 01:28 pm
Thats a Dow daily chart, but you're welcome.
But I'll throw in a SPX 15 min...
Howdy BPT people, thought I would pop in and say hi.
Catch you later
ravun
Posted by curtis on 15th of Jul 2009 at 02:15 pm
Thanks for the great charts as always. Have you been feeling OK, or on vacation? Haven't seen you post in the blog much for the last 2-3 weeks.
after Wave 5
Posted by capital1 on 15th of Jul 2009 at 01:59 pm
Hello Ravun, your opinion is always appreciated. If we finish wave 5 today,
will we pull back from here, and what is the estimated pullback area? Could I buy here for a swing trade into next week? I subscribe to a cycle chartist who says the next lower high will arrive on July 24th
A very good observation and
Posted by junkmaylbox on 15th of Jul 2009 at 11:16 am
A very good observation and a call on the pattern!
Is this a bearish or
Posted by tomakeit on 15th of Jul 2009 at 11:31 am
Is this a bearish or a bullish pattern?
just look at the chart,
Posted by matt on 15th of Jul 2009 at 11:41 am
just look at the chart, wave E would be at the top of the triangle, hence new highs. so as Steve said, woudl be bullish intermediate term if that is the correct pattern and yes longer term bearish.
Bullish short to intermediate term
Posted by steve on 15th of Jul 2009 at 11:35 am
Bullish short to intermediate term as the market would move up to complete Wave E and then Bearish longer term as the market would reverse back down.
Steve, How does this bullish
Posted by junkmaylbox on 15th of Jul 2009 at 11:43 am
Steve, How does this bullish short to intermediate term forecast correlate with seasonal patters for the summer months? Very unusual?
The magaphone pattern if it
Posted by siewyin on 15th of Jul 2009 at 11:02 am
The magaphone pattern if it plays out is a bearish one correct ?
Yes. Check CSIQ between May
Posted by junkmaylbox on 15th of Jul 2009 at 11:14 am
Yes. Check CSIQ between May and August of last year. It exhibited that pattern.
I know you know it,
Posted by perthx on 15th of Jul 2009 at 11:00 am
I know you know it, but for the rest of us "newbies" who might be too lazy to look it up, is a megaphone longer term bullish or bearish?
Also, is there any news that could see an major intraday reversal come to pass? I think not. But ya never know I suppose.
See this link .... http://www.trending123.com/patterns/reverse_symmetrical_triangle.html
Posted by cspirit on 15th of Jul 2009 at 11:03 am
See this link ....
http://www.trending123.com/patterns/reverse_symmetrical_triangle.html