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Here's a chart of the SPX with my speculations: http://1.bp.blogspot.com/_YENylqDzbtM/SnSCodMpquI/AAAAAAAAAck/1RkKokF9Ipo/s1600-h/SPX+daily+chart3.png Speculation1: 996.68 as Wave 5 and headed down towards Wave 6 (of the 1 and 4 pattern). Speculation2: Wolfewave3/Elliot wave3...

I just read this post. Ty. I will review it.

I guess I was trying to see what will come next after price created what looks like a point 3 for the thick green channel.

Here is the wider view of the 5 minute chart:

Based on this definition of a channel, here is my annotation of the 5 minute chart of UYG: I see a blue uptrending channel within a green uptrending channel into the close. So far, after hours is showing price within the blue uptrending channel. There's a bunch of other lines showing in...

Just noticed that the 50 sma crossed above the 200sma ( a golden cross) on UYG's hourly chart and added it to the annotation.

After seeing what romanus just posted, I moved the rtl of the descending channel (counter trend) higher and added more notes.

Here's the new annotation of UYG's hourly chart. Not sure if I did it right. It would be nice to see the correct annotation.

Spydertrader, Thank you for the respose. Here is the hourly chart (mid term that I look at). I'm looking at a possible head and shoulder formation or is that a cup and handle (not sure). I also look at the 5 minute chart (for the short term). Sorry, haven't edited the charts yet...

Hello everyone. I haven't posted here at Elite Trader for a while but want some clarification on my charting. Since I'm not sure - I thought of getting some help from the experts on channels. :) Attached is a chart of UYG. I see a "perfect" hit of the yellow descending channel's rtl...

Here's my annotation on a 20 day/ hourly chart of UYG. You may have a different perspective. Comments are appreciated.

Ty Ivo for the reminder. I'm still continuing to learn more in my "journey". http://www.elitetrader.com/vb/showthread.php?s=&postid=1900278#post1900278

I still have way to learn. Ty Ivo for pointing out that a point 3 always has to have increasing volume with it. This was my most recent annotation (just before reading your post) :

Elite Trader, Thanks to all who have given their input to me and have been "teaching" through their posts. I've learnt a lot from everyone (and am still looking forward to learning more). Attached is a shot of a 5 minute TOS chart of SKF/UYG. Some of those who have seen the chart on...

I've been reading this thread every now and then. Brandon, I believe that your willingness to mentor is sincere. I can't remember where I heard these quotes before but I thought I would share it with you. " A good name is rather to be chosen than great riches." " If only I have to...

I have been having fun with SKF and UYG lately. So far, not using stops but hedging instead. So far so good. I recently downloaded the TOS software demo and am learning how to use it. Posted a question in this link regarding TOS charts...

I'm so gald to be a member of Elite Trader. There is so much info in here (even some needs to be filtered). :) I recently downloaded TOS' demo software. So far, I like the charts. (Still learning how to use the software). It's so convinient to see SKF and UYG side by side on the 5 minute...

I'm following a stock from the financial sector (that is below $5 now) and using SKF to hedge it. I'll be following both and see how the "lot method" fairs (learned it from skaterdaytrader who frequents the "Stock Market Room" at Pal Talk).

How steep is the angle of attack of the descending trendline before the SPX gets a nice bounce? Will the weekly 200 moving averages hold?

Just giving a compliment. Price action yesterday was pretty close to it.