Not me. I'm just a poor-boy scalper who would be very happy in a 2023 Z06. That engine!
The Brown book has a copyright in 1999. I was correct with the time period. It is Technical Analysis for the Trading Professional, McGraw Hill, by Constance Brown. It is in Chapter 8 Price Objectives Derived from Positive and Negative Reversals in the RSI. It's got all the goodies from back then. Elliot Wave, Gann Wheel, etc.
I haven't looked at it for 20 years. It may not be exactly as I described because all technical indicators are used and developed by the individual using them. In this case, me. So you have the teachings of Edson Gould, Edwards and Magee, Elliot, Dow Theory, etc. and my 50 years interpreting it. Wow, I'm a relic.
One can see, from the COHU chart, that a lot of energy was used in the breakout to 56.4 RSI. That's its highest since early January. It needs to recoup its strength so COHU, as well as the overall market, should go down a bit and COHU towards its 50 RSI. Somewhere between 56.4 and 50 RSI COHU should validate its breakout and start moving up again. I believe you can get that idea in Brown's chapter. Of course, humans and their markets do not exist in a vacuum. That's where a trader's market feel comes in. |
