A Boomer Tsunami can float a sinking ship, even in Australia.
1,2,3,bottom,higherlow,higherhigh=trend change
Quote:
Originally Posted by
Brain
These TA formations are best called with the wisdom of hindsight.
Brain ..believe it or not you are right.....Well done ;).
TA observes and analyses trading sentiment/behaviour. To do that you need knowledge and behavioural events from historic data to be able to compare..Wisdom is life experiences which is knowledge learned from historic events..Look at the chart below..using hindsight we have seen this 1,2,3,change of trend bottom pattern before..so we have wisdom (chart experience) that suggests SUM will rally up from today........... but maybe not as high as we might like......or.......... this rally performance could make up for the lesser than expected rally performance last time....
Quote:
Originally Posted by
peat
or just badly called in the first place.....
Bull was too quick off the mark to call it a double top pattern as the pattern had not yet completed (price had to fall to below 4.80) You can't called it a pattern until it is fully formed.
A double bottom pattern was also not correct as there is only one low point and that pattern (Bottom pattern [bullish]) was confirmed in Mid July and reinforced with todays rise....thereby dismissing any doubts of a failed bottom pattern and ends any thoughts of a double top...
Referring to SUM's chart we have just witnessed another bottom with a higher bottom ...noticing this Bottom Pattern we can apply the 1, 2, 3, trend method to confirm the change of trend (from down trend to up trend) and apply a target price of $5.85 (73% chance)
Also remember.. patterns commonly occur within patterns...
Ref: Bulkowski
Attachment 9085
End of the bull something
Quote:
Originally Posted by
Hoop
SUM technically broke down this morning..This is a serious breakdown...
If you were using a log price chart for this I would take it seriously and lie down with a paper bag over my head.
But you aren't.
So I won't.
Best Wishes
Paper Tiger
I don't trust the raw data either
Quote:
Originally Posted by
Hoop
...You often see some charting with a narrow view and the creator of these charts have some sort of agenda... I call them a "politicans chart" ....
Almost every chart is a "politicians chart". Any chart that shows more than raw data or as accompanying commentary is biased.
Best Wishes
Paper Tiger
Some words of wisdom from Douglas Adams
Quote:
Originally Posted by
Hoop
Specially made for the log paranoid cat with a paper bag over his head...I hope you appeciate my time and effort I put into this, my feline friend.. (40 minutes to produce and post)....
Bartender: You really think the world's gonna end?
Ford: Yes.
Bartender: Shouldn't we lie down? Put paper bags over our heads or something?
Ford: If you like.
Bartender: Would it help?
Ford: Not at all.
Best Wishes
Paper Tiger