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Topi What's your call

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sponono
Super Contributor
The falling wedge is continuating to form on the 1 hour chart. A close above 30,600 would confirm an upside break-out. A close below 30,000 would be bearish. My target on the bigger reverse head and shoulders is still 35,000 but would be in danger below 30,000.
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9 REPLIES 9
Electrox
Super Contributor
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doomsdayza
Super Contributor
http://i39.tinypic.com/vuyif.jpg

where do you see a falling wedge forming on the hourly?
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Not applicable
yes please be my guest...id like it if you did that.
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doomsdayza
Super Contributor
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sponono
Super Contributor
your chart clearly shows lower lows and lower highs. this is a classical falling wedge pattern with a break-out point about 30,600. the longer the pattern takes to form the more aggressive and profitable the break out would be. ps: the bears were cornered during the after-market. haba-haba baby!!!
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doomsdayza
Super Contributor
the price action is broadening, not constricting as it would in a wedge.

with today's close right on resistance which i assume is what you're looking at

http://i43.tinypic.com/19atk4.jpg

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge

it's still not a falling wedge.
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doomsdayza
Super Contributor
here's a massive rising wedge... on the eod chart of the ALSI

http://i41.tinypic.com/33yrew3.jpg

so yes 31000 could be on the cards, i still however think we'll retest ~29800...

very interested to know how you choose to see your falling "wedge" on the hourly, yet fail to see this big rising one on the eod. seems picky. peace.
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doomsdayza
Super Contributor
you've also mentioned a couple of times that there's a reverse head and shoulders which is how you get to your 35000 target.

i've taken the liberty and have added a possible reverse h&s on the eod chart as i'm too lazy to go look for the basis of your rev h&s and you -never- post any charts to make it easier to follow your views

http://i44.tinypic.com/33omadi.jpg

looks great... my only problem is that a reverse h&s is a bottoming pattern, and we're clearly not bottoming. so i don't think it's a valid pattern to be trading in my view. wait and see.

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_should...
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doomsdayza
Super Contributor
looking at the dow not holding 13000 and starting to trickle down to negative... not quite sure it's the bears who are all that worried about being trapped in the after market bounce. >:)
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