FX:SPX500   S&P 500 Index
226 10 7
Thought I published this when I did the SPX500             . Anyway - same two patterns I'm looking at.
Your target areas also happen to be the 2014 point of control, I think that lines up very well!
KLang PRO docwesley90
Interesting. TY
Wondering... if you noticed, did we touch the 2040 spx500 for the third time today since 7/3? Triple bottom or false because of short time frame? I think the world is in disarray, simply, and equities' fear factor has to push us lower. But what does the chartsist in you say? Thanks for posting, although I may not comment, I do follow and appreciate your charts and homework.
KLang PRO claydoctor
I don't believe in triple bottoms - maybe if they are at the bottom of a trend - but this is not. Price is testing a previous level.
Mmmm, Bulkowski rates a triple bottom 7 out of 25, and I thought you were a fan? I don't know enough to have an opinion. Thanks for the reply. I see this same pattern in GLD and others. If anything bounces off a resistance or a support 3 times, and cannot break thru, just think that has significance.
IvanLabrie PRO claydoctor
Triple bottoms work in corrective structures. They can be part of a flat in Ew terms, or a triangle.
SPX500 is in corrective state in the larger picture according to Glenn Neely.
Borderline unpredictable in Elliott Wave forecast terms.
KLang PRO claydoctor
I am a fan of Bulkowski, but triple bottoms or tops are not something I give much credence to. If they are forming a rising or descending triangle, that's something else entirely. Even in that case, they can break either direction and the position of the triangle matters. An ascending triangle at a top can very well break to the upside while others are calling triple top, for instance.
KLang PRO claydoctor
Here's an example of what some would call a triple top - but it was really an ascending triangle
So I posted this for our conversation. I want to thank you for the lesson in making sure a triple top is an authentic one, with true tops and bottoms, and I can see that if you make sure of it, they are rare indeed.
KLang PRO claydoctor
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