101 Ways To Chart a Pattern
As stated in my post yesterday, I am certain about the intermediate move of the index ( ie: it will break 2,400 and reach 2,600 and beyond ) guided by Elliot Wave but I am not certain about the near term move ( will it first go down to touch 2,100 before moving up or straight away move up from here ).
There is 101 ways to visualize chart pattern depending on your imagination & creativity. One version shared yesterday was a symmetrical triangle. This is a bullish scenario and look valid to me. Another version is a possible Head & Shoulder pattern. This is a bearish scenario and look valid to me too. It all depend on how you juggle with the trendline and the time frame you use. Volume for both patterns are valid.
If trendline violation is as unforgiven as I believed, then H&S may be more likely ? H&S breakdown target is appropriately 2,000 ~ 2,100. Quite the same as my original target for trendline violation.
There is 101 ways to visualize chart pattern depending on your imagination & creativity. One version shared yesterday was a symmetrical triangle. This is a bullish scenario and look valid to me. Another version is a possible Head & Shoulder pattern. This is a bearish scenario and look valid to me too. It all depend on how you juggle with the trendline and the time frame you use. Volume for both patterns are valid.
If trendline violation is as unforgiven as I believed, then H&S may be more likely ? H&S breakdown target is appropriately 2,000 ~ 2,100. Quite the same as my original target for trendline violation.
Labels: Market Direction
posted by Market Wizards @ July 02, 2009
Comments: 0
