Allan,
Sorry so late to respond re IDBE.
The refusal of the 89,3,5 to cross negative and subsequent bounce of the K off the D is called a "knee".
A knee on the 89,3,5 or 13,8,8 or 3,1,2 often yields results like today. You have to see them coming first though, just as you did. The SMI scatter profile and the 2,1,2 stochs are good for helping to see them coming. Coming into today, both of them were quite strong.
You were correct about TC being reached on 7/7 and just as the scatter and 2,1,2 can be used toward knees, they would also lend credence to that hinge from Monday's close on the 4,3,2.
You're getting this stuff down pretty well. When I go on vacation I'll have to ask you to fill in for me here :-)
Doug R |
