Monday, October 06, 2008
the INDU loves 50% of anything
very cool bisect and fib action of the INDU, partic. the fibs at the 50% and 150% of the 1999-2002 lumpen accumumlation range. I'm not so sure it's an accumulation range, but the action resulting from it sure did take off...so someone was buying!
This is a good zone for a reaction, the proverbial dead cat. But I'm not calling a "bailout success reversal". ixnay! ixnay!
By the way, there's a sort of bisect expando-zone price is headed into...perhaps some sort of drifting up, than BLAM, smack down again?? Who knows...just what the chart looks like to me. I'm in cash and conservative. While not doomsaying, I'm also not feeling frisky and adventurously speculative about the market in here.
Labels: bisects-forks-medianlines, Dow-INDU, fibonacci
Wednesday, April 06, 2005
A pretty lil Fib step rally
I've been tracking the action of this rally in daily posts over at dacharts. To keep myself honest (and keep this journal alive), I thought I'd better say something about it. A picture is worth a whole bunch of words. I don't think they come so close to form as this move. I also just love the way the bisect harmonics have played along.
Trading it, however, has been more than a challenge as the intraday price action has been fast and chaotic, the later being reflected in the numerous intraday expandos that have formed.
Expandos are perhaps like hot chili's, you either love them or wonder just why in the world people actually like them. Expandos, a.k.a. "Broadening Formation", is, like all patterns, a reflection of the underlying trading sentiment, in this case, drenched in the emotion of buyers and sellers fighting for fair price. The buyers have won every round, this time.
click to open in separate pane
Labels: bisects-forks-medianlines, chart-analysis, expando, fibonacci
