It looks more like a sideways consolidation after the runup. For a topping dragon it came down too much on Friday. I hope not. The numbers are certainly look good, but the problem is the same than with the GE chart: Since it is a runup, we should expect a topping (upside down) dragon, but what you guys expecting is the normal, bottoming dragon. So in both cases I would say consolidation. Specially in the SPX case, where with the weak dollar I just can't see the index falling so low...
Double Dragon day on ES: Blue dragon Height = 6 White dragon Height = 6.75 Interesting that both 3rd bottoms appear to come up short although the white dragon has yet to turn upwards.
Not bad. The blue one is the same like the one I posted in the ES Journal: Here is how the white one could have been better, showing it on the Dow chart (easier to see): Height 50 pts Failure at 25 pts 3rd bottom 45 pts
Good catch again. The reason I like to use the cash chart is because it is less jumpy (less noise messing up the numbers) and easier to read the numbers and they are closer to the classic pattern. Here it is: My height is 29 pts and Failure at 1063ish, so 3rd bottom is around 1034....(1030 for ES)