Bquat's Account Talk

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Bquat said:
Anybody know if a Head and Shoulder can have a double head?
Click to expand...

I've seen what you are talking about before and usually is is just another shoulder forming. Looking back through the SPX there are a few exceptions to this.
 
Bquat said:
Good morning guys. Well we broke the red line and was blocked by resistance (maybe the 5 day), retested the red line as support, retested the 5 day as resistance and failed. Now on the second test of the new support line failed and now to test the blue line and bottom of the channel. Really showing some weakness here.:worried:
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Yes we are showing weakness. I still feel a little untrusting here. I see someone buying the dips at the end of the day and it almost got us started upward today. I don't know if someone was setting a bull trap or what. Today we got a tail on the bottom but we also had a tail on the top (indecision). With us being blocked by my 5 day and not seeing even a hesitation at my 13 day, I don't trust the end of day dip buy. I even had to spread the chart out tofind support and that was not the 20 day as support. So look out this just may be a bounce before going down to 1330 where the purple channel should offer support. So that's just my guess for tomorrow.:suspicious:
 
Closer look: In the circle you can see my 13 day almost acting as resistance and it was a previous support line stopping the downward movement and not my 20 day. We bounced from a lower low to a higher high and closed below the the top of the red candle nexr to us. So I think my 13 day is resistance now and the 20 isn't support. Some say it's the 50 day we bounced off of but I don't have the 50 on my chart. I just hope I not just seeing something that not there.:notrust:
 
... my 20 day tested as support and my 13 day testing as resistance. The top tails are longer that the bottom tails. Someone is trying to buy but we still have a lot of weakness at this level. Some are in belief that the 50 day we bounced off of will hold as support. We must hope it does but I'm believing the weakness so far. Consolidation to the right could help.
 
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Bquat said:
The weakness is increasing.:worried:
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Called it right today and even was right on the bear flag, but and I say but, the double bottom may change everythng and it may be what will cause a buyin.:) I may have to clean up my chart and redraw soon.
 
Bquat said:
Called it right today and even was right on the bear flag, but and I say but, the double bottom may change everythng and it may be what will cause a buyin.:) I may have to clean up my chart and redraw soon.
Click to expand...
Nevermind, the 50 Day did not hold today and the double bottom didn't hold either. Today may be bearish enought to break support at the purple line where I was thinking a buyin may happen. The Fed minutes most have been what investors didn't want to here.:worried: Sorry to be watching the market too closely today, but we're near a critical level and ar near a cliff.
 
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The end of the day buying that I've been talking about is starting. Let's see if the bears win and take there money as it goes in.
 
Birchtree said:
It's time to eat a little hoof dust - the Fed minutes were stale.
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I don't think so Birch. Were right back where we started. The Plunge Protection Team won, but the Bears sold right at the close to establish a intraday double top. That was exciting though. It took off like a rocket in the last 1/2 hour and looked like the second stage failed and the had to open the parachutts. So are we getting stronger. I don't think so, but that's me.:notrust:
Orange 13 Day nonsupported channel.
 
Bquat said:
Nevermind, the 50 Day did not hold today and the double bottom didn't hold either. Today may be bearish enought to break support at the purple line where I was thinking a buyin may happen. The Fed minutes most have been what investors didn't want to here.:worried: Sorry to be watching the market too closely today, but we're near a critical level and ar near a cliff.
I don't think so Birch. Were right back where we started. The Plunge Protection Team won, but the Bears sold right at the close to establish a intraday double top. That was exciting though. It took off like a rocket in the last 1/2 hour and looked like the second stage failed and the had to open the parachutts. So are we getting stronger. I don't think so, but that's me.:notrust:
Orange 13 Day nonsupported channel.
Click to expand...
Well, we are on the clift and must hope the new channel holds. It looks bad. I may redraw soon for possible bottom.:worried:

PS we know what tomorrow is and it's normally lucky for me.
 
Bottom 1323 - 1320 maybe? If we go past them look out. I may draw some more support lines later if needed.
 
Starting to slow down. Hope we get a bottoming tail today and it would be nice before the deadline.:notrust:
 
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