So, we tried that exercise with our GOOG chart, birthed yesterday in TradingView's technical birthing rooms. And what do you know, in a bout 5 candles (the confirmed staring time in Google years), the chart signaled further approval of our signal emitted yesterday.
However, today's decline remains a pattern trader moment, with a pending A-B-C triangle formation at the core of a potential pattern. In other words, Point-C remains a pending feature of this current price action, and a landing could define its turning point as low as 1088.17. If this was to remains a Bat, then a reactive rally towards our EAGLE's Nest would ensue.
- Up-Side: As per the pattern above, the chart remains in its potential development, even with a rally to the upper limits of the 1158.28 neighborhood. At these levels, a lower structure would ensue and should warn the pattern player of pending exhaustion, as price would probably decline at Fib-paced levels (i.e.: 38.2, 50.5, 68.8).
- Down-Side: A support is waiting in a narrow 1088.17-to-1982.27 range for the time being, and if breached, the floor for further decline down to a primary defined herein as "TG-1 = 1050.30 - 29 JAN 2014", and a final solid support at "TG-Low = 1018.33 - 29 JAN 2014", each indicating a primary and low target, repsectively.
Look for support / resistance levels to occur with both directional pinbars and influx at above defined level, as price continues to define a probable pattern within the 1082.27 and 1158.28 range. Once a reversal confirmation occurs, we will be sure to post that information the best and earliest we can for your personal edification.
To be sure, the pattern is purely speculative and chosen on its prevalence, while the targets and directional opinions herein are purely for educational purposes. Be sure to ask a paid licensed professionals for advice and recommendation, as this non-licensed, volunteer author should not be used to speculate with limited assets you might not afford to lose in this dire economy.
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
Denver, Colorado USA
PS: Here is a link to the article presented above: http://www.huffingtonpost.com/2012/08/23/baby-talk-science_n_1720535.html
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