Couple of good things today, apart from the fact that we got a reversal....A bull flag that (almost) performed to perfection. An ND top.... Perfect pull back to support ( just like it's supposed to happen). Just as yesterday's high RSI and CCI couldn't push through Resistance at 9932, so today's very weak RSI and CCI couldn't drag the price down. This is typical in bear and bull action. At 20 /-250 RSI CCI, in bear territory, the dow would have sunk like a stone, some 100 plus points, instead it dropped just 35 odd points confirming bull territory. Long may it continue 🙂
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Lots to see and digest today. It's nice to get correlation between UP and TA performing. Except for the apparent Brick wall support at 32. 🙂
Two "W" formations, one major,one minor. Two Inv. H&S- one failed, indicating down, the other performed ( part of the mini "W"). Three bull flags that all performed with a bit to spare...3 Pk. PD Bottom along with the mini"W". Multi pk ND Top. Finally the RS switch .
Note the ND top has not yet broken the 100MA....
Two "W" formations, one major,one minor. Two Inv. H&S- one failed, indicating down, the other performed ( part of the mini "W"). Three bull flags that all performed with a bit to spare...3 Pk. PD Bottom along with the mini"W". Multi pk ND Top. Finally the RS switch .
Note the ND top has not yet broken the 100MA....
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Compared to yesterday, today was uneventful, save the Inv. Head & Shoulders near the close, off the last bottom at 10,040. Interesting in that it broke through the 100MA, as a confirmation signal, before making target at 74. Solid range bound consolidation before a move up? Could be that this is an extended bull flag and will lead to a break out. Interesting to note, is the RS switch just before the close and the two slope change from the Inv. H&S bottom. I'd gamble on up , but then I'm not a gambling man 🙂
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good job I'm not a gambling man 🙂 Not a lot to look at today. A "W" bottom early on...some interesting Fib points, once the bottom at 45 was established. A bounce back off 23% followed by a push through and retouch 23% as support.You might have picked up the RS switch and combined PD bottom , followed by the breakout, confimed as the price went through the 100MA on RSI 59 / CCI 50. CCI 50 was also a break of horizontal support.
ND top signalled not so much the top, but the closing sell off. Notice it failed to break through the 50% fib level. Bull wedge forming at the end may perform on Monday, BUT only if we're in an up trend....well, intraday we are. Let's see how it pans out. 10 min TA still has rising uptrend support held since the 24th.....
ND top signalled not so much the top, but the closing sell off. Notice it failed to break through the 50% fib level. Bull wedge forming at the end may perform on Monday, BUT only if we're in an up trend....well, intraday we are. Let's see how it pans out. 10 min TA still has rising uptrend support held since the 24th.....
