Simplicity in TA

i couldnt go any farther it is sittiing at the 44 -62 area,have to wait for it to come out of there for direction,the wide nip below is 1199,then 1160
 
Quote from JoshDance:

Looks like a similar pattern in 1975 which then shot upwards.
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that 75 went to the bottom of the all time channel for supp but i see the reference, xspurt,this is where i can't predict,only project the target in either direction, if can you guess up/down from here with reasonable certainty,logic to back it up,would love to move to that next merit badge in chart reading
 

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Quote from PoliticallyCorr:


Mr. H. R. : How about you post some charts about the future path of the price instead of hindsight charts?. As you well know, many, many reasons can be attributed to a hindsight chart, when in realtime none really existed.

How about that for a brag?.:)
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He already did though?

This was the original chart that this thread referred to. I believe it went back even earlier than this in fact.

(This was actually the second time he did for those still following along. :cool: :D )

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Quote from athlonmank8:

He already did though?

This was the original chart that this thread referred to. I believe it went back even earlier than this in fact.

(This was actually the second time he did for those still following along. :cool: :D )

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Thanks, I can even do this...
 

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Quote from PoliticallyCorr:

How about a public apology for serious false accussations against me?.

"Neither shalt thou bear false witness against thy neighbour."
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Who said they are false? You? You're guilty until proven innocent in law so you stay on my shortlist as a suspect for the child porn guy. You change usernames like he does and you said the police like to interview you. Now you want to be treated like an upstanding fellow - first behave like one.

Want respect? Earn it!

(you're on my ignore list now for time wasting)
 
Quote from Xspurt:

Earlier I had posted when the market was racing up that we would stop and get into a choppy dither that would break down and then be followed by a rally. That is exactly what unfolded. It should be plain sailing now into the New Year but keep in mind this is a December like none I can remember.

The Eur has the potential to cause shock waves, Israel might decide to do something drastic to Iran and sovereign debt is dancing on a tightrope. All fun stuff!

Daily we are on resistance and the while the weekly has got the gas to break up it is more likely to cough here on the daily and then go for it. December usually falters a bit before running.

Note the easy reversal signal on the low of the last pull back.
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The Dow reacted with the red tail on the trend line when I made my last post and said that this would not be a sell but that PA was more likely to cough or splutter here and then continue up. It looks like that is what has taken place and now we can get on with the job of moving up.

There is still a price to be paid for this kind of activity as it depletes the energy in the move regardless of the time frame, unless it marks time in a coil to replenish energy. This is not long enough for that so it is eating gas.

There is often a bit of manipulation between now and the NY and the Dow can climb on light volume. Again news is an issue with the Eur specifically vulnerable. This market need to be closely watched over the next 2 or 3 days to make sure it has enough gas to continue. Watch for a double top on the S&P. If we get through that we can run.

The position a trader should have been in is holding long from the lows. It looks like a scalper trade is set up now with potential to run if we can get through the DT.
 

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