Please don't follow this advise, even my mom doesn't follow me on here...you know your charting sucks when it doesn't impress your mom!!
Triangles seem to statistically play out the best in my experience as well I've found the Sequential system useful to see if different patterns align. In this case the weekly chart signaled a shorting opportunity when the red 3 went below a red 2 while breaking below the Nov 18 low formed by the first major dump. The bear market low touched 3127 but as shorts began to close we rallied back and created a smaller descending triangle (green line) between 3400-4000 range. We've now fallen out of that triangle into the larger descending triangle from the low of 3127.
With the weekly signaling short if we don't rally back above 3533 by Sunday we will paint a red 4 which will signal an additional opportunity to open or add to short position. If we break the all time low of this bear market at 3127 I expect we will drop violently testing and possibly breaking 3000 psychological support.
The breakdown target for the smaller descending triangle I had originally between 1850-2200 but the new breakdown target from falling back into the larger triangle is between 1700-2000.
I'll be adding to my buy orders in this range.
Happy trading and if you see my mom PLEASE tell her to follow me!
Triangles seem to statistically play out the best in my experience as well I've found the Sequential system useful to see if different patterns align. In this case the weekly chart signaled a shorting opportunity when the red 3 went below a red 2 while breaking below the Nov 18 low formed by the first major dump. The bear market low touched 3127 but as shorts began to close we rallied back and created a smaller descending triangle (green line) between 3400-4000 range. We've now fallen out of that triangle into the larger descending triangle from the low of 3127.
With the weekly signaling short if we don't rally back above 3533 by Sunday we will paint a red 4 which will signal an additional opportunity to open or add to short position. If we break the all time low of this bear market at 3127 I expect we will drop violently testing and possibly breaking 3000 psychological support.
The breakdown target for the smaller descending triangle I had originally between 1850-2200 but the new breakdown target from falling back into the larger triangle is between 1700-2000.
I'll be adding to my buy orders in this range.
Happy trading and if you see my mom PLEASE tell her to follow me!