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Strategies & Market Trends : Classic TA Workplace
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To: Henry J Costanzo who wrote (192208)7/15/2011 10:39:14 PM
From: 2MAR$  Read Replies (1) of 209892
 
One observation was simply trying to make & is true for the last 6mos is we have been trading this "channel" and most of the alerts & charts tried to post were nothing more complicated than being overbought or oversold as comparable to that larger top & bottom of channel (oversold/overbought) of the SPX....

(and was being industrious enough to try & post them all timely <bg )

One could be just as guilty of 'top fishing', as bottom fishing... but as it turns out the channels were as simply defined as touching far oversold and matching previous low pivots in this current channel with the inverse proving true with overbought readings .

Whether true TA bottoms or tops within this 6mos timeframe it was certainly good enough to confidently anticipate & engage in trade reversals .... or go short some tops in many numbers . That hint at a possible H&S pattern has so far has fought off a break below the neckline which is needed to confirm that pattern but so far the fib retracements have all been uncannily measured & precise as well as the RSI that once again signaled another top. ( also matching b4 , top previous pivots & near term bottoms)

Not that it hasn't been choppy but the overall pattern has been an undeniable channel easily identified which justifies all sorts of trades , as that alert for the bounce on the PM's among others and Gold/GLD sure held true one more time in its long term rising trend which speaks of a great many things....suffice to say this chart correlation is certainly one to follow ...

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