165 7 2
Weekly view see daily chart as well
Hello Klang. If you would like to look at a monthly chart of IWM, and place a horizontal support line at 107.27, you will observe the monthly candle of 10/31/2014 is (as Wyckoff teaches) a spring. A monthly spring which closed at the high of the bar, and volume was the highest it's been since 2011. Please notice also, that since the monthly bar of 11/29/2013, for each effort that IWM made to go down, it promptly recovered from support at 107.27ish. Also, if you would please pull up a weekly chart, and draw a horizontal support line at 114.55ish, you will notice this last weeks bar is a weekly spring, which closed at the high of the bar, also with accelerating/good volume. And also, on the monthly chart, you will notice that last month's bar was a doji. If IWM closes the month at the high of it's bar, this will be a "doji sandwich" and portends that the follow through bars will go at least the distance of the 10/31 bar. Price patterns are good, but, I believe, reading what price and volume are also telling us can't hurt.
KLang ricastein
Price and price patterns are the same thing in my mind. Candlestick analysis falls into this category. My point is I follow price, not indicators.
Well, thank you for taking the time to consider my additional analysis. Good luck with your trading.
I agree that in the long term it will go higher ... but all the IWM charts except the weeklies point to a down day on monday.
KLang JCrusadr
I don't follow indicators. I follow price patterns. Indicators are the last thing I put on a chart - and often don't put them on at all.
In conclusion, you feel the megaphone shape moving forward is not good in the near term?
KLang JCrusadr
Not at all. I suspect price will hit the upper t/l which coincides with the blue trendlines that trace out the weekly formation. I'll play it to that point. Overall, both patterns seems encouraging for a good 2015 for IWM. But the Blue pattern took a full year to trace out - no telling how long it will take to fulfill should it confirm.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out