Bquat
TSP Talk Royalty
- Reaction score
- 603
Now see is Spidey sense works.
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Bquat's Account Talk
- Thread starter Bquat
- Start date
I didn't notice the autotracker link until now. Now people can see my true value.
Inverted H&S good(I hope). Check
Bquat
TSP Talk Royalty
- Reaction score
- 603
Here's a four channel multi-view chart. The 11 day supported (spidey) channel shows the inverse H&S shoulders and base. The orange shows the 20 day supported channel. The purple is the 50 day supported longer term channel and where we're most likely to top out. The white channel is the (too bullish) Birch train channel. 1800 is predicted, 1794 is more likely and 1764 is possible. Todays action cleared up some of the risk longer term but as always it's always there at the 50 day. The bonds bubble may burst and no where to go but equities. Disagreement is welcomed because I am too bullish.:blink: I could take out the spidey channel for a clearer picture if you want.
Danny
TSP Strategist
- Reaction score
- 15
Bquat, Isn't there a rule of thumb that a completed IHS has potential to gain the same distance as the distance from the neckline to the bottom of the head? Is that your gray line? If so, what is the projected target...1800? and the top of the orange channel? Seems to fit! Also, is there any rule with multiple IHSs lining up? Looks like there was a mini one just before this one formed?
BTW I don't post much but always look for your charts before I pull the IFT trigger...so thanks!
Danny
BTW I don't post much but always look for your charts before I pull the IFT trigger...so thanks!
Danny
Bquat
TSP Talk Royalty
- Reaction score
- 603
That's correct 1800 is projected but I think the longer term purple channel can stop us.
JimmyJoe
Analyst
- Reaction score
- 8
The white channel is not just the Birch channel. I would include the upcoming holiday money flourishing, and the fresh, new Yellen factor, and that relentless QE support in that white hot channel that compromises that steep bullish incline toward 1800 and beyond.
Bquat
TSP Talk Royalty
- Reaction score
- 603
Really appreciate the visit. I do agree with the white channel but I didn't want to unduly draw people to the bull side too much. If the purple channel wasn't there or we were at the bottom half of it, I would promote the channel. Everything is bullish except that we're less than 1% of what I think is major resistance. Now if we we're to break it this channel could rule. The IH&S projection says we'll breach it but we're right off two fresh up legs. With pattern repeatability the second leg will top at the purple line as shown below: Now you have me seeing a ladder pattern starting. It looks like a good time to sell the top of the second leg and buy at the first of the month during the third leg if the pattern continues. The third leg could break the level because of how the rungs line up. This is just 30/70 speculation here.:notrust:
Bquat
TSP Talk Royalty
- Reaction score
- 603
You know how I like ladder patterns, let's watch this one work. We peaked right at where the second leg should of peaked. Haven't really decided if I was going to exit yet. We got to the rung quicker than expected. The correction before the next rung could complete before I can exit and reenter at the first of the month. So watch we will, yes?
