Today's idea is based on a simple upper parallel reversal trade with an early warning Doji candlestick @ the upper parallel. It is also a possible completion of a nice expanding pivot 5 formation signifying a nice CIT. My bias is short however I will be open to reverse position should the run continue to a higher P5 point at my upper "Warning Line" target. The other elements supporting a possible reversal is my weekly chart showing an identical EP setup.
Please note: The downward multiple median lines have been put there assuming we get a reversal at any of the pink dots on the upper red median line parallel. The reason I have put them there is to demonstrate the pitch or "Speed" of the move should we get the Turn!
Sincerely,
TIK
Comments
Timing_is_key
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Hello all,
Notice how price fluffed around the upper parallel and yesterday punched through to a new all-time high. What's interesting is that today we had no follow through, so I re-calibrated the handle of my fork to the "0" pivot and wala! ( see chart ) a direct hit yesterday! Now the rejection today could mean nothing as the market could well and truly blow through to the upside, however, I am anticipating a final 5th pivot reversal on an EP formation, so if she turns now, It should be a mother of a short! let's see how this play's out!
Sincerely,
TIK
jonatsgonats
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Like your input on what if a breakaway move happens, what comes next? All the way to 2160 or whichever is the next target (can't see it)
Timing_is_key
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There abouts, even to 2180 as that is where the adjusted fork warning line is sitting. When I shifted the originating "handle" from pivot 2 to pivot 0 the fork is now alot "Steeper" which usually means a bigger price move. interestingly S&P500 couldn't crack the upper parallel or post a new high. mmmmm. Next few days will be interesting:)
Timing_is_key
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Better picture:)
jonatsgonats
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Looking like a breakaway move that's anticlimactic. Next week is ECB then DEC 14 is Japan Elections. Should be fun.
Timing_is_key
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It is really struggling & only just creating new high's..mmmm. I am a little cautious as normally there is a ZOOM bar that break's UP! with a low open and a high close, we did not get this, so I still have my short order in, should we fall away. I have also re-calibrated my chart, I am no EW expert however what I call an EP may also be a corrective wave expanding symmetrical ( I will stand corrected if someone can give me some feedback ) my wave count has wave 3 as the biggest, in any case by shifting my 0 Handle of my pitchfork it looks as though we have respected the upper parallel so far.......let's see how this unfolds.
K155MY4R53
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Best of luck. Hopefully your faith in TA isn't misplaced with people like the plunge protection team on high alert.
Timing_is_key
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A lot of speculation lately on the Indicies:) As long as combined market buy & sell transactions are plotted on a price chart TA will always work for me, The difference in their interpretation is self fulfilling and creates the ebs & flows you see on the chart. Not sure who the PPT are, but sounds like a hedge fund to me:) The charts are telling me we are at a decision point. It will either respect the lines above and react down or it will ignore the lines and blow through to the upside. The next few weeks will be very interesting indeed.
Notice how price fluffed around the upper parallel and yesterday punched through to a new all-time high. What's interesting is that today we had no follow through, so I re-calibrated the handle of my fork to the "0" pivot and wala! ( see chart ) a direct hit yesterday! Now the rejection today could mean nothing as the market could well and truly blow through to the upside, however, I am anticipating a final 5th pivot reversal on an EP formation, so if she turns now, It should be a mother of a short! let's see how this play's out!
Sincerely,
TIK