| | | $SPX 233,1 day EMA is distant by only approx 8 points from the daily 55,2.1 lower Bollinger Band current value as of Friday's Feb 11, 2022 close
* with the relative confluence of these two daily chart items, their importance to the future technical developments is boosted
my 2 cents, no time to PermaLink a chart right now, and it already exists at SI
for those who care about such things, let's celebrate deceased Jim Hurtz, "blacktruck" former contributor at InvestorsHub
Jim was a repeating highlighter to his readers of the value of ongoing vigilance
of the actual intraday high prints and intraday low prints, to accompany the evaluation
of the chart patterns which develop from lower highs,
higher highs, lower lows and / or higher lows ...
** one data set in the absence of vigilance of the other data set
is a fool's game of taking a shortcut through the paradise of divining the future
Jim Hurtz, I salute you and yours ... you did your readers a favor in ways that are durable
January 11, 2011 email from Jim:
Hi All:
remember that if you paid for this course previously you can audit it at no charge..
The objective of the course is to arm the client with enough confidence to place a fork on any given chart....it is the most popular course I teach by a long shot...
In essence I am going to show you how to draw a trend line and from that trend line how to establish support and resistance complete with probabilities of reaching these areas in a trending market...
you will be astonished at what you learn in this course.....
The course is taught in two parts....in part 1 we identify the pitchfork and give the lines names and briefly discuss the five rules...which are listed here..
"There is a high probability that: prices will reach the latest ML - prices will either reverse on meeting the ML or gap through it
- when prices pass through the ML, they will pull back to it
- when prices reverse before reaching the ML, leaving a "space", they will move more in the opposite direction than when prices were rising toward the ML
- prices reverse at any ML or extension of a prior ML"
From there we will go about the business of developing the trend line so we are prepared to address and plot Gap/Schiff and Modified Schiff Pitchforks..
Essentially I am going to teach one how to take a chart like this...AXL and place an attempt at a trend line..
This Wednesday is merely an introduction with the real delivery coming the following two Wednesdays...I will schedule a minimum of one back up class repeat per session......if anyone has trouble with a grasp I will re schedule....YOU WILL KNOW THIS MATERIAL AT END OF SESSION...
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Then allow it to show me support and resistance areas by moving this same trend line around..
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let me know your intentions....and if you have any questions drop me your telley number and I will ring you out of email....I am on ___ ____ ____.
Thx for your inquiry
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