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dj28rd 8 posts  |  Last Activity: Jun 25, 2014 1:05 PM Member since: Nov 8, 2009
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  • Reply to

    Overbought

    by dj28rd Jun 25, 2014 11:56 AM
    dj28rd dj28rd Jun 25, 2014 1:05 PM Flag

    Good eye, sharpie. Not very many people will notice that chart patterns form on the RSI.

  • Reply to

    Trend Line

    by elkster08 Jun 25, 2014 10:01 AM
    dj28rd dj28rd Jun 25, 2014 1:04 PM Flag

    Hello, cowboy and sharpie. Good to hear from you. Don't know if you follow the The Dow, but it made a rare candlestick formation on the weekly........a bearish Stick Sandwich. I noticed it on Sunday. It could be the reason the market was down yesterday. It takes one indice to lead, and the others will follow. Of course, stocks will follow the indices.

    dj

  • Reply to

    Trend Line

    by elkster08 Jun 25, 2014 10:01 AM
    dj28rd dj28rd Jun 25, 2014 12:53 PM Flag

    You are welcome. I forgot to mention that there is candlestick support at 24.59, but I believe it will break; if not the first time, then the second time.

  • Reply to

    Head & Shoulders

    by dj28rd Jun 25, 2014 6:05 AM
    dj28rd dj28rd Jun 25, 2014 12:07 PM Flag

    A Symmetrical Triangle is made up of smaller chart patterns. They are often H&Ss and IH&Ss. Strong possibility the IH&S you mentioned will be contained by the Symmetrical Triangle.........for now anyway.

  • dj28rd by dj28rd Jun 25, 2014 11:56 AM Flag

    RSI 14 indicates an overbought condition.

  • Reply to

    Head & Shoulders

    by dj28rd Jun 25, 2014 6:05 AM
    dj28rd dj28rd Jun 25, 2014 11:49 AM Flag

    Now that I agree with. Same story with gold. Buy physical gold as well.

  • Reply to

    Trend Line

    by elkster08 Jun 25, 2014 10:01 AM
    dj28rd dj28rd Jun 25, 2014 11:42 AM Flag

    Go to a 2 yr weekly chart. It will filter out all the noise. I use a candlestick chart. Now draw your trendline. You should have 2 touches from 6/26/13 at 17.75 to 20.03 which happened (if I remember correctly) 2 days ago.

    Now draw your trendline at the top. You should get a Symmetrical Triangle chart pattern somewhere between 20.03 and 26. These figures at this time are your support and resistance areas for this chart pattern, but these figures will change as the chart pattern is formed. The bottom trendline will move higher and the top trendline will move lower until one of the trendlines breaks.

    Inside the Symmetrical Triangle, there will be smaller chart patterns. I mentioned in a previous thread that a Head & Shoulders appears to be forming. This pattern is inside the Symmetrical Triangle. A larger chart pattern will usually contain a smaller chart pattern until eventually the smaller pattern breaks thru.

    Gaps are filled 95% of the time so there is a strong possibility the gap will be filled. GL

    dj

  • On the 5 d chart, there is a H&S. This is a bearish chart pattern; and if it plays out, target is 24.

    It appears a H&S is forming on the 3 mo d chart. If it completes and plays out, target is about 23. However, it still needs to move up to form the right shoulder. There is an open gap at 23.60 which will likely be filled.

FB
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