If you missed my last update, it probably wasn't your fault.. I'm still trying to figure out how to publish my ideas on this site. I had a problem with my chart that messed up my thumbnail. So, I'm trying this again!
Here's an update to my first Double bottom post. I have included some football related analogy's encase my last NASA slingshot reference was lost on any of my fellow red necks.
Here's a fun way to look at this. "Bulls Vs. Daa Bears."
It's late in the 4th quarter and the Bulls are down by 8. The Bulls have managed to stop the last of the of the Bears drives, and luckily due to a bad toss, they missed their field goal. "LACES OUT!!" The Bulls have possession, but they're sitting on the opposing teams goal line. Our first few plays were grueling work, but we managed to grind out some yards. The bulls were even able to make a sloppy 3rd down bull flag that set us up to test the combined resistance of the 79% retrace and mid-line of the downward trend. The Bulls actually managed to build up some momentum by the end of the play. At one point, I thought they might even cram this thing straight down the middle for a first down moving away from the Bear's in-zone. Unfortunately, the Bears brought Lance Briggs out of retirement for this game. He saw the play coming and made a tackle that now has the medical team checking our star running back for a concussion..
I'll put aside the analogy for a second..
All of our previous 3 bull flags have broken out very near their own 79% retracements. You could possibly even call these bear traps.. Each one waiting until the last moment possible, attempting to shake out all the weak hands before making their breakout move up each time. If this pattern continues, I think we have one critical line to watch for support shown using a dotted red line in the chart. I think it's possible we could find support here, which could lead to a another retest of 9k. However, we've confirmed fairly significant resistance at this level. So I wouldn't get our hopes up expecting a different result lest we be insane.
If support fails at this critical point, I don't see anything left to catch us from free falling back down to our larger 79% retracement around 6k.
So, what's left in our play book? Can we ever break out of this downward trend? Will the Bears win? Can multiple career long accumulated concussions really increase the chances of chronic traumatic encephalopathy? I don't know.. But I think we have a better chance to throw them off if we pull out the Trick Play!!
The Break Out Trick Play!
Here is one play I see that could finally get us out of this downward trend. It's purely speculative, but plausible with an ounce of technical support to back it up. Basically, the combined resistance of the 79% retrace and the mid-line of our downward trend is proving to be too much for us to break through with the current state of this sad little rally. But, If this last breakout can't punch through and we fall back to our 6k support forming a double bottom, there's still hope!
If we fall back to the 6k support and bounce, we might be able to gain enough momentum to carry us through the mid-line resistance. If we can break through that, we can pick up mid-line support if we bounce back off the 79% retrace again. It's almost like a direct snap back to your running back who heads left, but then hands it off to a tight end going the opposite direction, but instead of running, he then passes ball to the quarterback, who was running a route toward the back right corner of the end zone..
Thanks for reading, let me know what you think!
Also, not that anyone was thinking about it; but I don't recommend using any of this advise for trading...
All of my analyses are formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination!
They've done some studies, and 60% of the time.. I'm wrong every time...
Sly2.0
Here's an update to my first Double bottom post. I have included some football related analogy's encase my last NASA slingshot reference was lost on any of my fellow red necks.
Here's a fun way to look at this. "Bulls Vs. Daa Bears."
It's late in the 4th quarter and the Bulls are down by 8. The Bulls have managed to stop the last of the of the Bears drives, and luckily due to a bad toss, they missed their field goal. "LACES OUT!!" The Bulls have possession, but they're sitting on the opposing teams goal line. Our first few plays were grueling work, but we managed to grind out some yards. The bulls were even able to make a sloppy 3rd down bull flag that set us up to test the combined resistance of the 79% retrace and mid-line of the downward trend. The Bulls actually managed to build up some momentum by the end of the play. At one point, I thought they might even cram this thing straight down the middle for a first down moving away from the Bear's in-zone. Unfortunately, the Bears brought Lance Briggs out of retirement for this game. He saw the play coming and made a tackle that now has the medical team checking our star running back for a concussion..
I'll put aside the analogy for a second..
All of our previous 3 bull flags have broken out very near their own 79% retracements. You could possibly even call these bear traps.. Each one waiting until the last moment possible, attempting to shake out all the weak hands before making their breakout move up each time. If this pattern continues, I think we have one critical line to watch for support shown using a dotted red line in the chart. I think it's possible we could find support here, which could lead to a another retest of 9k. However, we've confirmed fairly significant resistance at this level. So I wouldn't get our hopes up expecting a different result lest we be insane.
If support fails at this critical point, I don't see anything left to catch us from free falling back down to our larger 79% retracement around 6k.
So, what's left in our play book? Can we ever break out of this downward trend? Will the Bears win? Can multiple career long accumulated concussions really increase the chances of chronic traumatic encephalopathy? I don't know.. But I think we have a better chance to throw them off if we pull out the Trick Play!!
The Break Out Trick Play!
Here is one play I see that could finally get us out of this downward trend. It's purely speculative, but plausible with an ounce of technical support to back it up. Basically, the combined resistance of the 79% retrace and the mid-line of our downward trend is proving to be too much for us to break through with the current state of this sad little rally. But, If this last breakout can't punch through and we fall back to our 6k support forming a double bottom, there's still hope!
If we fall back to the 6k support and bounce, we might be able to gain enough momentum to carry us through the mid-line resistance. If we can break through that, we can pick up mid-line support if we bounce back off the 79% retrace again. It's almost like a direct snap back to your running back who heads left, but then hands it off to a tight end going the opposite direction, but instead of running, he then passes ball to the quarterback, who was running a route toward the back right corner of the end zone..
Thanks for reading, let me know what you think!
Also, not that anyone was thinking about it; but I don't recommend using any of this advise for trading...
All of my analyses are formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination!
They've done some studies, and 60% of the time.. I'm wrong every time...
Sly2.0
