I have drawn a reference channel using the 3 pivots as shown on chart, then I cloned it. I also drew a box from the bottom of reference channel to the SPY TOP of 2007. Looking back, you can see that SPY turning points happened at or close to channel boundaries. Now, since we no longer have an historical pivot high we can now use the cloned channel boundaries as future price targets and as likely support points going forward.One interesting thing is that if you draw a trend line along reference channel bottom and then you clone it, the Tradingview software automatically finds the next pivot and duplicates that distance going forward, nice.Fibonacci levels are a great addition to cloning.
Comments
titi
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Great work
nmike
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>>>> long term upside trend is still intact,so far we are experiencing a short term correction as seen in daily and weekly frames
nmike
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>>>>> second CLONE trend line target reached,if we break current CLONE trend line next target is the new red trend line CLONE
Does the incline suggest a parabolic peak. Compared to the last two tops the third incline is the steepest in your clone reference chart.
Dmtz4444
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what is that next target 160.50 ?
timwest
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Remember that tradingview adds back in dividends by reducing historical prices to reflect a dividend paid. So, once a stock has paid out more dividends then the stock price, the stock price will be negative. :-) Remember that markets have memory and are like anyone in that they change as soon as you think you have them figured out. Expecting a pattern to keep recurring is the least likely possibility from my 26 years of market watching and forecasting.
nmike
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hello Tim, thanks for the commentary, it is worth noting, however I only analyse what I see on the charts and I don't take dividends into account. Patterns repetition has worked for me and most of them are based on FRACTAL GEOMETRY and SYMMETRY, furthermore I always use other analyses to confirm my patterns. As you can see on this monthly chart I have the 10MA as an example of confirmation.