Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 670.31

-1.1%

Nov 6 4:00 PM EST

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B.K.Myers

Blasher

GROUND ZERO™

To: GROUND ZERO™ who wrote (57534)	2/26/2014 11:37:16 AM
From: Chip McVickar	3 Recommendations Read Replies (1) of 218554

Rounding bottom/tops are also called saucers and bowls... they are considered rare events... as they take a long time to form and must be slow and consistent in their gradual formation. The gold spot chart certainly meets that requirement. Volume is another part of the confirmation which ideally should also be low and consistent in this gradual formation. Certainly... the gold spot chart meets that requirement. Interpretation of a confirmation of a rounding bottom seems to be rather subjective and how you measure the length and strength of the new trend set up by the rounding bottom is difficult and one must add other technical's to make any confirmation. So back in July '13 we see a spike bottom that failed to break above 1487.20... The spike up took out a low shoulder high at 1423.30 and then failed at 1434.00 A new rounding bottom formed in late Dec '13, but has not moved above a shoulder at 1361.80... So my interpretation FWIW... Price has reached a 1.618 fib at 1342-1343... Price has nicely taken out all highs and lows throughout the formation Price has not confirmed at sustained rounded bottom until 1361.80 If you consider the formation began at 1434.00 then price has just traveled a little more 50% of its journey RSI has topped out... and as well a negative reversal is setting up Finally, there is a Andrews Pitchfork median line at 1361.80 rising to 1375... What price does with this median line will confirm the sustainability of this lovely rounded bottom... Chip

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