The 200 day SMA (green line) did not stop the bull run and the lower support line held the advance of the bears. Carl Swenlin of decisionpoint.com believes ascending wedges typically resolve down, but last week, he stated he believes this one will resolve up.
Repeating the exact same Ending Diagonal Triangle from last week. Here's the updated 60-min. Dow Jones completed upto Friday's close. Uploaded with ImageShack.us
The most sensible thing is to wait for a confirmed breakout, whatever the chart looks like right now is still a 50/50 ad it stands, of course if one purely trades of wedge patterns, then I suppose he would be more bearish near apex of a rising wedge. Good luck.
Dow duplicating what he did at the 2007 alltime top? Dig this muchachos and muchachas; los vemos en la proxima vida? Hey I don't know, it could be a coincidence, but BEAR loves to fck with us. See the BABY TA daily chart a few posts back? Then see the chart below for exact same scenario at the combo Oct 2007 and December 2007 tops. December top shown as a gold diamond. Note how the wave low was taken out, shown in red. Then the huge rally that went how high? Just past 61.8%, same as now. And what was ET doing back then at the Dec 11, 2007 top? Giving some other top caller shit and going Long like there was no tomorrow!!! (I wasn't here back then) Uploaded with ImageShack.us
Yeah, thanks. Near the apex, more bearish yes, but if it gets too close its likely an end run. The same wedge I showed is still valid and yesterday's action might be a clarification. in next post ... thanks for your input.
deadbroke. we hsve similar lifestyles. except your trading needs imoprovement.if i trade off of your calls id be deadbroke. when u are in the tst area. a fewhours plane ride away from thailand. ill show u true heaven
updating the Ending Diagonal Triangle each wave within an EDT has 3 sub-waves, i.e. subwaves "a", "b" and "c" So take a look at waves 1 and 3. They clearly have a well-defined "b", so a nice "a", "b" and "c" visible. But the last wave, i.e. "5" did not have a clearly defined "b" - the chart is now updated to show the subdivision for "5". If this turns out to be correct, it makes perfect sense to me, because this last sub-wave "5" will have the last vestiges of "optimism" = bullishness, so it makes sense that the wave extends. Uploaded with ImageShack.us
The 60-min Dow Jones Ending Diagonal Triangle pattern is complete. The chart has been shown several times over the last few days. If we don't get the crash now, the pattern is WRONG and I'll have to re-think. Markets are not yet open, but futures look like I might get my wish. But hey, one never knows for sure. But on 60-min. my pattern is defo complete. The daily chart thread call of course is a roaring short and no change there, just a continuous SNORE
Here's the updated chart - before market open. As you can see, the market "c" and "5" confirm in my mind that the pattern is complete. Yesterday's drop is wave 1 and rally is wave 2 as shown. A wave 3 down is next. We'll know soon if this is right. But THIS is 100% my stance!!! Uploaded with ImageShack.us