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Strategies & Market Trends : Humble1 and Swing Trading Friends
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To: Joseph Silent who wrote (7273)1/6/2012 8:33:28 PM
From: Joseph Silent  Read Replies (1) of 41196
 
Potential channel on weeklies (WLSH).


The result of using approximately the same procedure on the WLSH 5000 as was used for the SPX earlier. First, notice that the grey horizontal lines divide the vertical into four equal quadrants. We are now in the lower half of the top quadrant. We should hit at least the horizontal dotted line soon (two to four months?).

parallel black lines: potential primary channel; if so, we need to climb back into it and settle inside comfortably. Notice the struggle to get back inside.

bluish dotted lines alongside black: what the channel would look like if exactly exactly the same framework was used as in the case of the SPX. The WLSH, however, appears to be or is lagging the SPX by a bit. I have not made any firm interpretation or conclusion yet on this score --- so I simply included the dotted lines.

maroon lines: where trouble (resistance/support ) shows up periodically/regularly.

white lines: scaffolding, but also points of resistance/support.

red sloping dotted lines: danger zone. [Edit: just noticed that the upper red dotted line got moved and I forgot to position it correctly. I'll fix it later. It should be higher, splitting the red-black channel in two.]
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