Triple Bottoms.
Well said, Duke. Triple bottoms deserve some respect. Yes, the TB provides some resistance to lower prices. As in the two previous declines, demand has surfaced to push prices higher. But, then demand subsides and prices fall back to the same level for a third time. Sellers are in control again. Long bets should be infrequent, here, and with close stops just below the TB. Warning: TT's and TB's can be dynamic, and once broken through, major moves can occur. One day you can be looking at a TB at 12, thinking support, and the next day it is 9 or 6. So, a TB is still I-95 South, until prove otherwise. BRL's, negative momentum, RS in O's, ugh. There are better p&f plays, for sure.
Dennis |
