(The chart depicts a possible bull flag and the two poles price might follow if the Dow continues higher.)
Recently, it was asked which direction my 5/19 cycle would go. Originally, I believed down. Originally. Now? Well, uh, ah, I...I...I....
This week, to me, represents a time window for a fear/greed seismic event: either avalanche or melt up. My confusion now exists because of a "tail."
Price action on 5/11 was deep with an open at the top and a close quite near. The next day was a narrow band. If 5/12 had followed through Thursday's intraday low, then I'd say the market was collapsing, far below the 4/19 swing, completing my mirror image foldback pattern. Instead, according to the chart semi-deity Thomas Bulkowski, such a 5/11 bar augurs a bull move.
ASSUMING price does rocket north, the first suspect pattern clearly would be a double head-and-shoulders, and maybe even a bull flag (it does have slight downward symmetry). The former would send the Dow to around 21725, near the square of 147.5 at 21756. Recall, the 3/1 high was ONE point from the square of 145.5 or 21170. The flag? A short pole could have begun 1/19/17 or 1491 points away, but it's more likely a pole from 11/4/16. Equal to 3286 points!!! Crazy!
The tail and the next day, at a time when price should have topped and fallen, leans toward the bulls. Of course, the week may see no stampede at all to either exit. And that's why it's termed speculation, because the market won't respond to mind control.
Yam
Recently, it was asked which direction my 5/19 cycle would go. Originally, I believed down. Originally. Now? Well, uh, ah, I...I...I....
This week, to me, represents a time window for a fear/greed seismic event: either avalanche or melt up. My confusion now exists because of a "tail."
Price action on 5/11 was deep with an open at the top and a close quite near. The next day was a narrow band. If 5/12 had followed through Thursday's intraday low, then I'd say the market was collapsing, far below the 4/19 swing, completing my mirror image foldback pattern. Instead, according to the chart semi-deity Thomas Bulkowski, such a 5/11 bar augurs a bull move.
ASSUMING price does rocket north, the first suspect pattern clearly would be a double head-and-shoulders, and maybe even a bull flag (it does have slight downward symmetry). The former would send the Dow to around 21725, near the square of 147.5 at 21756. Recall, the 3/1 high was ONE point from the square of 145.5 or 21170. The flag? A short pole could have begun 1/19/17 or 1491 points away, but it's more likely a pole from 11/4/16. Equal to 3286 points!!! Crazy!
The tail and the next day, at a time when price should have topped and fallen, leans toward the bulls. Of course, the week may see no stampede at all to either exit. And that's why it's termed speculation, because the market won't respond to mind control.
Yam
Comment:
(I don't mean to allude that 5/19 will feature these high numbers, if the Dow takes off. Well, the H&S, maybe. The flag pole top would extend well past May.)