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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: John T. who wrote (24939)7/6/2000 12:53:06 PM
From: Robert Graham  Read Replies (1) of 42787
 
Here on the 3-min chart now that price has been attempting to resolve some form of bottom, we have price attempting to reverse from its initial resolution of a symmetric triangle. This is coincidental to a test of top. Market appears to be operating in the 15-min time frame. In that time frame, if price resolves down shortly, there would be a kind of bear flag pattern that can take price down further. So the market is not out of the woods yet.

As far as that reverse H&S pattern on the 60-min chart, I just do not see it. The shoulders come to close to the top of the head. The first question is can a neckline be drawn with this pattern. I do not see a neckline. I do see a trendline, but that is different. If price were to eventually move up to that trendline, I would see this more as perhaps a type of broadening pattern depending on what happens at this point with price. Right now, I consider price in a form of congestion trading range between 1436 to 1470 on the SPX chart. And price is certainly not acting like it is in rally mode...so far. I think we shall see something shortly.

JMO :-)

Hmm...QCharts f*cking up again today going in and out.

Bob Graham

**Update**

Price has put in a new intraday high and now is moving back to test support. Here we are at a juncture. Minor support tested so far which is a previous minor swing point on the 1-min chart.

Bob Graham
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