P&F Chart School

[hessian]

James,
Today's p&f chart, put in a new "o", now a 2nd one below what was previously hoped for as support (if I'm interpreting it correctly?).
View attachment 4960

 

[James48843]

Looks like you are correct- It appears to have been end of that cycle down, and now we're going to pop up for a while, provided everything else falls in line.

Now let's see if we can hold onto the momentum for the ride up on this cycle. Top is showing somewhere in the vicinity of 960 to 970 or above for this trip up, unless something happens.

Will it do that?

Who knows. We'll see shortly.

Gooooinnngggg up?

 

[Minnow]

Looks like you are correct- It appears to have been end of that cycle down, and now we're going to pop up for a while, provided everything else falls in line.

Now let's see if we can hold onto the momentum for the ride up on this cycle. Top is showing somewhere in the vicinity of 960 to 970 or above for this trip up, unless something happens.

Will it do that?

Who knows. We'll see shortly.

Gooooinnngggg up?

Nostradamus made daily P & F charts, right?

 

[Silverbird]

Nostradamus made daily P & F charts, right?

Sure, he had them hidden in his predictions. The devil is in the interpretation.

 

[James48843]

View attachment 4983​

Last week we talked about 960-970 range being the top of the cycle.

Ok- we got it . 963 and change. Resversal time now. We MAY get a repeat tomorrow up to 970ish, but I actually think we may already have seen the peak here in this cycle.

Looks like we're getting a "Triangle" arrow forming.

I expect it to drop a bit more down into 860 range before long, and then another cycle back up, not quite as high is this one. This one turned out to be really pretty weak, (963) falling on the low side of expectations, just short of of where I thought it was going to go. (I said 960 to 970, it made 963).​

Here is what http://stockcharts.com says about the formation of Triangle arrows:​

Triangles are formed when both the supply and demand for the stock are drying up. Prices are unable to rise but neither are they able to fall, there is an equilibrium between the buying and selling as is seen by the rising bottoms and the falling tops that form the triangle. This stalemate between buyers and sellers is finally resolved by a double top breakout in the case of a bullish triangle breakout, or by a double bottom breakdown in the case of a bearish triangle breakdown. This is one of the most reliable patterns out of all the patterns recognized by the system.

What's next?

Nostradamus says: MAYBE up tomorrrow to the 970 range, but not very likely. Much more likely to drop again over the next few days to 860 range.

Good luck.

 

[Guest2]

James, your truly appreciated. I bailed to the (G) today. Didn't want to
get greedy. The P&F Chart gives me more comfort in my decision. I'm
gonna be watch'n for a dip to 860 myself. Thanks !

 

[airlift]

Thanks.

 

[James48843]

Special note:

With the election tuesday, all bets are off.

I have NO IDEA what either an Obama win, or a McCain win, will do to the cycle which has formed.

Remember, in P&F charting, one of the big unknowns is that outside influences can cause the regular patterns of the P&F to alter from their norm.

And Tuesday- ( and, more importantly, wednesday) will have some outside influence on the normal pattern.

So, no idea where we go for tuesday, wednesday.

Also- we got a new pattern appearing yesterday.

Double top breakout, and a new upward price objective of 1180 showing.

View attachment 5004

Weird.

Again, due to election this week, all bets are off on where we head next.

Good luck.
​

 

[luv2read]

Triple top breakout 11/4/08.

View attachment 5013​

 

[luv2read]

and for the I Fund....still no change ...but possible upward trend.

View attachment 5014​

 

[James48843]

Looks like we're headed higher. Next stop 1080+

Go markets, go!

 

[James48843]

Bearish reversal-

New price objective lower- back down to 865 .

 

[James48843]

Looks like we're forming a more typical pattern now.

I expect it to bounce up to the 980 -990 range in this up cycle.

View attachment 5045​

I MAY be looking shortly for a nice place to jump out, if the timing looks right. A strong upside today may be an indicator of a good place to take a rest. Not sure yet, but looking.​

 

[James48843]

Well, so much for that theory.


(Throws hands up in air, and gives up)

 

[Minnow]

Well, so much for that theory.


(Throws hands up in air, and gives up)

:laugh::laugh: -- don't give up James. I love the P & F charts. I can't do one worth a crap and I count on you guys to do my homework for me.

Just one more reason to hate the IFT limits, huh? I woulda, coulda, shoulda done this or that and I would've been better positioned for early, mid or late-day reversals.

Please keep up the good work.

 

[Viva_La_Migra]

:laugh::laugh: -- don't give up James. I love the P & F charts. I can't do one worth a crap and I count on you guys to do my homework for me.

Just one more reason to hate the IFT limits, huh? I woulda, coulda, shoulda done this or that and I would've been better positioned for early, mid or late-day reversals.

Please keep up the good work.

I second that sentiment. Maybe folks were just taking some profit today.

 

[Viva_La_Migra]

I second that sentiment. Maybe folks were just taking some profit today.

NOPE! I'm wrong again! So...how low can it go?

 

[James48843]

NOPE! I'm wrong again! So...how low can it go?

Lower than a snakes belly?

 

[Silverbird]

Chart says...795...for bottom price objective. That's what I see.

 

[James48843]

I hereby declare that the Bear Market is over.

Ended.

Done.

Finished.

Kaput.

Completed.

Over with.

There. It's the end.

We've hit rock bottom.

There is nothing left but upside ahead.

I hereby declare it. --And therefore, it must be true.

Cause I said so.

So there. :nuts: