P&F Chart School

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New price Objective!
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James48843 said:
I am still not convinced we are out of the woods- although friday's action eased my concerns about the possibility of a sudden setback anytime soon.

Then again- ALWAYS remember this- P&F shows where we have been. It CAN show where we MIGHT go, if ALL OTHER THINGS ARE EQUAL. But the biggest thing to remember is that ANY OUTSIDE ACTION CAN SUDDENLY SHIFT SENTIMENT- AND WITH IT, THE DIRECTION OF THE MARKET. I.E. Outside factors- a sudden flair-up in Korea, a bank failure, a GM Corporate bankruptcy, a hurricane in New Orleans, can all suddenly break the expectation set in a P&F chart. So watch out, nothing is ever certain.

Hope that helps.
Click to expand...
The Market priced in the GM bankruptcy, no? What is it that's propping up this market?
 
banks and oils. Pay attention. Same old same old that brought it down with help from past administration maximizing their return.

There is NO reason for the steady increase in gasoline prices. Demand is down, supply is steady, stocks are good. Even with summer driving season and hurricane season here, analysts say there is PLENTY ..no danger of any shortage. Speculators at it again.
 
luv2read said:
banks and oils. Pay attention.
Click to expand...

LOL:laugh:

That's why we use this message board - a short cut for having to pay attention to this irrational market action. Just tell me when it's over :toung: (my eyes are closed - not a rollercoaster fan)
 
Viva La Migra said:
The Market priced in the GM bankruptcy, no? What is it that's propping up this market?
Click to expand...

Billions of $ in buy programs between 3pm and closing and corresponding spike in volume. Volume is dead throughout the day until then. Look at GS, STT, QQQQ's and other big players in the market. Or maybe it is the feds to show how everything is really hunky dory by keeping the markets up so the people will spend? Maybe a little of both. I do know it is not average traders doing this unless they have a couple billion laying around. Take advantage of it now, it can't last forever. (Can it?)
 
We are just at the beginning of a continuation of the mega trend secular bull market that started in 1982 - this strength could last for the next seven years. And I plan to optimize my positions. Tomorrow we get the DJIA over the 200 day and who knows what will happen next - I guess a strong buying stampede to the tune of 8 billion shares to the upside - how many points? I'll faint if I take a shot. I do know that hesitation will get expensive.
 
I am starting to get concerned on the patterns on the P&F Chart.

Watch closely - if it breaks down below 930, then we may see a big downturn. I am watching today, and may be moving, depending on what happens.

We've had a nice run north for a while, but it can't last forever, and there is weakness showing now.

Here is this morning's position.

View attachment 6444

As I say- nothing official shows up on the chart just yet, but if we break down under 930ish, things could change quickly. Under 930 could be a signal to change- we'll know if and when we hit it.

So pay attention today and let's see what the day brings.

Good luck.
​
 
Today- the P&F chart signaled a "triple bottom breakdown".

And a new "bearish price objective", preliminarily set at 880. Not sure if it will hold, or go further down, but that is what the chart is saying today.

View attachment 6449

The mock P&F_C account in the autotracker has bailed out as of noon today, effective at the close.

We'll see whether or not that was a wise move. You just never know, but this one is going by the chart rules. We'll see.

Here is what http://stockcharts.com (one of my favorite sites, by the way) says about a triple bottom breakdown:

"A triple bottom breakdown is similar to a double bottom breakdown except that the price at which the breakdown occurred is a price that the chart retraced from two times before. This implies that the price level is a more significant area of support (area where buyers are willing to buy the stock and create demand that outstrips supply) than what is seen on a double bottom. The breakdown below this level implies that the sellers are now creating more supply than there is demand and therefore the prices are breaking down."


In short- watch out ahead.

Good luck.
​
 
Nice Charts. I agree with the target mostly. I think the 850 number is about a 6+% decline. I am looking to get back in at about a 3% decline. My chart shows about 4%. Unfortunitely, we are timing limited so being a little conservative I think will help.

(Actually your 870 number is better in line with my prediction at about 4.6% decline.)
 
The bloodshed continued today. The chart is officially showing another downward push- today a double bottom breakdown. Still looking for a target in the 850 range.

While a few days ago I wasn't convinced that we were going to make it that far, today it looked a little more likely. Tonight Japan is showing a drop as well, so I am thinking tomorrow will roll red too.

Here is today's chart:

View attachment 6472

Don't know what else to say here. Softness prevails. Next stop 850, although we may have one small blip back up before we hit it, but the chart is clearly showing more softness ahead. There is a resistance point in the 880 range. We'll have to see if that holds, or if breaks on through to the other side.

Good luck.
​
 
Double top breakout today.

Moving back into stocks.

New bullish- preliminary price objective 1015.

We'll see.
 
Well, on Friday we got a low pole reversal signal, indicating that we might have a change in direction. And then yesterday at the open, we did in fact get a full blown "Double Top Breakout" signal, which was a reversal and indicator of a new Price Objective established.

Here is the new chart.

View attachment 6493

Now, the new signal kicked in, right before the news on consumer confidence came out. We all see that the rest of the day yesterday turned ugly.

However, that said, the chart says what the chart says. It's in full technical agreement that we're going higher ahead. So I let it fly, and am hanging on to see what comes next.

Will it go higher?

Who knows.

We'll see shortly how it goes.

My prediction, maybe softer early today, followed by a strong upward move over the near term.

Of course, it could be completely wrong -but the chart now says a bullish price objective of 1015 is just ahead.

Good luck.
​
 
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