Dow About to Break Out?

thanks for the chuckles... when you gave such a sincere opinion and then proceeded to state oh yeah, b.t.w I have nothing on the line... paper trading! (nothing wrong with that, but money makes a biggy difference)

For the sake of discussion: can you describe your triangle pattern... because I see 3 things potentially: (on the daily)

1. a H &S pattern that many are aware of,
2 or a potential double top
3. Or a false breakout to shake out and distribute

Frankly my money is on the short side... been entering short positions and backspreads... looking for DOW 7500. I do not see the 4th reversal of the minor trend (on the daily) to form a triangle. If $indu traded down to near 8500 +/- it could complete said ascending triangle... the fifth reversal being the trade...

It is definitely NOT a rising wedge IMO. :D

Further it does not exactly look like a climate for a sustained bull move. However, since I'm very cynical and mistrusting and a contarian as well with respect to trading, I'll always try to be aware of what seems highly improbable. And to say the least buy on bad news would entirely fit the present situation!

QLGC in AH doesn't looks like a precursor to new highs however albeit a NAZ stock... but then there's ELX. Although QLGC does have an open gap near 37 and ELX near 20 ;

TGregg...

I agree with your comments!

Ice :cool:
 
on further review of your post... I do not agree.

But certainly will take into conisderation your opinion that the current trend continues until April 15th like the good old days... in the bubble bull market.

If so... let it rock. But right now that seems like wishful thinking;

Like another poster commented: this market is ripe for shell games... and it is my belief that a large % of pro traders and funds are having a tough time handicapping the current scenario.

Regards,
 
of the past 8 days... I amend my opinion that there is no potential rising wedge. There is. And if so, we are not far enough into the apex to look for a break lower; as a rising wedge is bearish... I was looking at the action on $indu since October with respect to my opinion on said ascending triangle potential; and it would be too far into the apex to be significant (unless $indu trades lower and the lines are re-drawn)
 
Quote from Corso482:

Dammit, I still maintain there is a bullshit formation going on...whatever the hell you want to call it!!!
More...

So if you take that same upper leg and clone it and put it on the lows you will see there is a nice channel too. But then the channel bottom has not been reached yet.

:)
 
Quote from inandlong:



So if you take that same upper leg and clone it and put it on the lows you will see there is a nice channel too. But then the channel bottom has not been reached yet.

:)
More...

You mean like this...bery bery interesting...
 

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WOW!
8 pages on formations
I prefer to throw the dart and hedge regardless.:D
For what its worth, this market looks weak technically and fundamentally but its still strong on bad news:confused:
inmate451
 
Quote from Corso482:



You mean like this...bery bery interesting...
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Yeah that's it. Of course that is no more or less valid than what you have drawn, but it is an alternative.

Regardless, now that you have made us aware, it will be fun to watch how it pans out.

:)
 
Quote from iceman1:

For the sake of discussion: can you describe your triangle pattern... because I see 3 things potentially: (on the daily)

1. a H &S pattern that many are aware of,
2 or a potential double top
3. Or a false breakout to shake out and distribute

More...

You want my opinion on the daily? I see a rising price channel. Take a look at the chart.
 

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Quote from Minime:

I would call it a rising obtuse triangle with a fat lady soon to sing on top. The fat chick is in the process of getting pushed up the hill now. :D
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:p

feels like a turkish bazaar with all the noise and those little pickpockets running around.
 
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