To all the wigglers
Every once in a while a phrase from an old song pops into my old head, and at the moment it's a gender neutralized variation "(S)he shakes with a wiggle with a wiggle when (s)he walks". I suspect it's because my head is shakin' about this wiggle business. I've read all the messages I can find about the wiggle, one of the more recent ones being
Message 13512171
which says:
Day 1 is the lower low 4/17
Day 2 takes 4 days to complete
Day 3 taking 3 days...so far, but could extend until Friday
Just a close above 3711.57 will do it - tues 25th high
I can live with the notion of multiple days making up a day, trying to fit this into the basic definition from
Message 13451713
The three day buy wiggle pattern begins with a reversal day of a new low for the move and closing above the day's opening and at or near the highs for that day. The second day has a higher high and higher low and closes lower. The third day take out the low of the second day and then closes above the opening of the third day and above the high of the first day.
What jumps out at me though is why leave April 14 standing alone, and what is the meaning of "takes out"? I though it meant day three had to have a lower low than day 2, but that does not work with the above grouping. Let's try a different one:
Day 1 (4/17-18) is the lower low, and establishes the first day high at 3795. Seems more plausible to group these two in view of the continuation of the 4/17 rise into 4/18, closing near the high
Day 2 (4/19-20) establishes a higher high and higher low
Day 3 (4/24-27) "takes out" the day 2 low, but it fails to complete the pattern because the "first day" high of 3795 has not been cleared.
As long as we are in a mode of talking about wiggles the aren't quite the classic three day variety, even going back to mid June 1999 in some of the messages referred to, I'm inclined to take a page from that era and say the "reversal day" doesn't have to be quite the lowest low in memory. April 24 looks like a pretty decent reversal to me, and if you will allow the continuation into April 25 as completion of day 1, it closes near the high of 3712. Day 2 is then April 26 with the higher high and higher low. Today, April 27 took out yesterday's low, and finished the pattern by establishing the new high at 3774.
Seems to me to be a cleaner variation on the theme, and we can almost make it happen in three days. Have I violated some fundamental principal of the wiggle?
Dan |
