The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: RWS who wrote (54959)	8/2/2019 2:23:25 PM
From: Doug R	Read Replies (2) of 79230

It's all there. The underlying structure of the chart is anchored to all that "stuff". The stuff tells a story and the market is following that story. When the 3mRSI gets outta hand, there's the "threat" of a large, bubble-like run up building. Everybody loves a market run but on the other side of a bubble, there's lots and lots of carnage. Where you see that first 3mRSI trigger line reach zero is when the carnage from the dotcom bubble was over. New channel lines start from that point. The upper line first. At the moment it "just so happens" to coincide with the top of the expanding pennant created off this most recent 3mRSI paste. So, basically, the market was threatening a bubble/crash. Whatever way TPTB use to see this, they're seeing it too and they don't want the crash on the other side. So, we wait until the market is allowed to go again from lower down in the channel... like responsible children who do not run in the hallways. Some of the lines are resistance/support that can be an indication of timing in the story.

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