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P&F Chart School
- Thread starter James48843
- Start date
James48843
Well-known member
Arrgh, it went below 1370....
That's ok. It still needs to get to 1362-1364 to fill in a gap that is still needing to be filled. Perhaps tomorrow will be that chance. If so, this COULD be an excellent buying opportunity for those who are out now.
But then again, maybe not, because the P&F chart is saying we're to expect 1310 before we hit bottom. I'm happy where I am- I still have a LONG way to go before I can retire.
The chart is now at 1368, and there is a new value for the "Bearish price objective" on the downside showing at 1290. That tells me a high possiblity of 1290 to 1300 range is ahead, IF, and ONLY IF, we break below the blue suport line right below where we are now.
If that happens- if the blue line below is crossed, then we head down big to 1290's range.
I'll be watching closely.
If it DOESN't break below that blue line right beneath us, then we rebound strongly back up to the 1440's range.
P.S.- THIS, my friends, is what it is all about. Volitility.
It's like waterskiiing barefoot. It can be exciting, and it can be extremely painful. Or not.
Don't you just love the excitement?
We just have to wait and see what happens.
James48843
Well-known member
I could not agree more with you birch. I love this stuff this way.
hessian
Member
Yes, James,Broke through...another box at 1360. Down she goes...at least next week. OPEX and earnings is the following week. This is a setup....just like March
The intraday low did punch below 1360 (low hit 1359.90) - why didn't that show the blue support line broke?
I didn't think it is just the closing price, rather that an intraday break would take out the blue support line, that it should now be shown as 1360 was busted?? - and therefore, the overhead red downtrend line should have formed, and now be shown??
Thanks for the lessons -VR!!
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James48843
Well-known member
I think that the 1359.60 is why that last "O" formed at the bottom of the stack. And I think that for the blue line to be broken, it will take below 1350 to punch through on the downside.
My prediction is that we'll head back upward from here.
But, of course, I COULD be wrong.
We'll just have to wait and see what Monday brings.
If it punches downward, then I am considering bailing out. Otherwise, I'm staying in for the coming cycle upward.
James48843
Well-known member
Things are looking ugly.
I didn't bail out today, although I probably should have. Was busy and didn't look at the chart until this afternoon.
The chart now is showing a "Bearish price objective" at the 1270 level. that's down 20 points more than it was last week. And I am beginning to believe that we'll head much closer to that.
That- the fact that I'm more pessimistic, is a good sign, as it means that I may bail out any time now. And if I bail out, then you'll probably do better than me by doing the opposite of what I do.
If your still on the sidelines and waiting to find a good spot to jump in- well, I don't think we're done on the downside yet.
Could be a bloody week.
We haven't crossed the blue line underneath just yet, but we are darn close. And if it does go, then it's a long way down to the next resistance point.
Just my 2 cents.
I didn't bail out today, although I probably should have. Was busy and didn't look at the chart until this afternoon.
The chart now is showing a "Bearish price objective" at the 1270 level. that's down 20 points more than it was last week. And I am beginning to believe that we'll head much closer to that.
That- the fact that I'm more pessimistic, is a good sign, as it means that I may bail out any time now. And if I bail out, then you'll probably do better than me by doing the opposite of what I do.
If your still on the sidelines and waiting to find a good spot to jump in- well, I don't think we're done on the downside yet.
Could be a bloody week.
We haven't crossed the blue line underneath just yet, but we are darn close. And if it does go, then it's a long way down to the next resistance point.
Just my 2 cents.
James48843
Well-known member
The floor did not hold. And it's down again today.
I'm moving out today.
The signal was back on May 23rd. I should have listened to it. But now we're breaking the blue support line, and about to turn even uglier.
Bottom price objective is revised even lower today. Now showing 1250 area is expected bottom. Bad. The P&F chart is predicting we reach down to the previous low. That hurts.
I'm moving out today.
The signal was back on May 23rd. I should have listened to it. But now we're breaking the blue support line, and about to turn even uglier.
Bottom price objective is revised even lower today. Now showing 1250 area is expected bottom. Bad. The P&F chart is predicting we reach down to the previous low. That hurts.
I'm out- cob today.
luv2read
Active member
Silverbird
Well-known member
You've gotta know when to hold them, know when to fold them, know when to walk away, know when to run....
James48843
Well-known member
So now I'm TDY, and won't be able to post or make decisions tomorrow- will be at 35 thousand feet at cutoff time...
Drats.
You know, sometimes you eat the bear,
and sometimes the bear eats you.
Drats.
You know, sometimes you eat the bear,
and sometimes the bear eats you.
luv2read
Active member
I fund all the way....do it tonight.
L2R,
In your opinion, will the U.S. stock funds make money too, or is this comment applicable only to the I fund? Tia.
In your opinion, will the U.S. stock funds make money too, or is this comment applicable only to the I fund? Tia.
luv2read
Active member
This week is quad witching, OPEX. I think USM and OSM will be up if it follows the pattern of the last one which was the same type of setup. Still a bear market, so take your profits quick and don't be greedy. I set stops and stick with them.
James48843
Well-known member
It's ugly in Asia tonight. Japan is down 2% as I write this, and Shanghei is now down 5.63%. In another thread here in techincal analysis we're talking about a Hindenberg Omen reappearing twice- a VERY bad sign historically.
And the P&F chart has had it's downward price objective slip a little bit more, now showing only 1230 as the floor here.
Here is today's chart:
Whitewater rafting ahead.
And the P&F chart has had it's downward price objective slip a little bit more, now showing only 1230 as the floor here.
Here is today's chart:
First, the bearish resistance line has appeared- bloody red. No relief in site any time soon. The downward price objective has been reset to 1230. It was at 1290 when we got the sell signal back on May 23rd, and it slipped to 1270, 1250, and now 1230. That 1230 is so far down it's now off the chart. Ouch. Bad news- I don't think Ive' seen three resets on the downside like that before. SO I think we're going down, big time now.
I'm sitting at this moment 50% in G and 50% in F. The G for safety, and the F to perk and try and make up some of those losses. I missed the sell signal on May 23rd and hung on too long- but at least I'm still ahead of the start of the year, not bad considering I've been invested in the market for far more days this year than out of the market. Just got to cross fingers and look for a good reentry point. At this point though, I don't see it anywhere in sight.
Whitewater rafting ahead.
luv2read
Active member
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