MU remains in a Falling Channel located between 12.23 and 24.75. This is a bearish chart pattern, and it can continue moving down as it develops. However, inside this pattern, there is an Inverted Head & Shoulders (mentioned in a previous post) which is a bullish chart pattern. If it plays out, target is between 20 and 20.50 provided MU can break all other resistance areas. There is double resistance at 17.40.
There is also a candlestick on the 5 d 15 min chart which tells me you will be seeing 15 again. GL
O.K., thanks, XQ. I have tried several times to post something about the VIX, and Yahoo is blocking me. I am going over to Investor Village to post it.
Anyone else who wants to see it will have to go to Investor Village to read it.
Interesting article Mr. market maker. The article is correct that a death sentence often precedes the funeral notice. In January of this year, I handed MU the death sentence based on the Round Top it was forming. There were also a couple of smaller bearish chart patterns sending out signals......the bearish Head & Shoulders and the rare bearish Diamond (smaller chart patterns often form inside larger chart patterns); but when I mentioned the Round Top, it spooked a lot of investors. I stated at that time that if the Round Top played out MU would bleed. MU has bled and bled since then.
Well, Mr market maker, I have to go now. I learned all this TA just to stay one step ahead of all you market markers. Back to my rehab room I go, but I shall return. LOL !
It's been a while since I mentioned the Broadening Top chart pattern for The Dow. Tonight I took a long hard look at it. The Broadening Top is also referred to as a Megaphone chart pattern because it is shaped like a megaphone. It is a bearish pattern, and according to this pattern, each bull cycle produces a bigger bubble. Then the market crashes to a new low.
Inside the Broadening Top, there is another bearish chart pattern.......the Rising Wedge. Just wanted to let you know that the Rising Wedge broke its bottom trendline. Target is about 5,500 provide MU breaks thru all other support areas. By the way, The Dow closed at 15,871.35 today. GL
Matrix, the Aroons on the weekly chart indicate that the Aroons are at extreme opposites (the aroon up and the aroon down). They have to release some steam so MU is doing this by pushing stock price up. The RSI 14 is now located at 26.52 suggestive of an oversold condition.
On the 3 mo d chart, it looks like MU may be forming an Inverted Head & Shoulders. This is a bullish chart pattern. If it plays out, target is about 20 provided MU breaks thru all other resistance areas. GL
Thanks Imhflying. Had my surgery on 8/11 and have been recovering since then. Looks like the markets sold off as predicted. I will be back soon.
It will cause a lot of technical damage to SWKS. It could reach 44.06 or lower. It will not happen right away thanks to Elliott Wave Theory. Stocks travel in waves. They go up and down, up and down, up and down......
Well done, matrix. I had never heard of a Railroad Tracks chart pattern before so I did some research on it. I am constantly learning something new. Thomas Bulkowski refers to it as a Pipe pattern so I have always known it as a Pipe pattern.
In answer to your question, if you go to a 5 yr mo chart, yes, there was a Railroad Tracks pattern occurring the month of May 1 which topped at 749.23 and the month of June 1 which topped at 751.21. I suspect the SOX is headed for 545.
The Railroad Tracks pattern is located inside a Falling Channel located between 590 and 653. There is candlestick resistance at 656.