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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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To: Lee Lichterman III who wrote (74365)12/4/2022 1:06:17 PM
From: Sendme6 Recommendations

Recommended By
ajtj99
Lee Lichterman III
Mevis
Qone0
The Ox

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That's a great question and one that I am still looking into. I know that the Wycoff patterns go along with the point and figure charting, but I really want to see if there is any reliable patterns that I can just use the fibs on instead.

I have been using the horizontal channel to try to spot the start of one, looking for a range of double tops and double bottoms.



Since the highs and that distribution pattern at the end of 2021, we really haven't seen any sign of another distribution pattern at the tops of bounces. We really have just been seeing them again at the bottoms.

As I have mentioned in my last couple of posts, the double dip thing has really caught my eye as a pattern I put at the top of my trading list.

The small green arrows mark a couple of the patterns, then I noticed that at the purple arrows, price could not get back down to take out the stops at the swing lows marked by the black lines.

And they squeezed it all the way up to the bigger stop loss hunt around 4320



My theory on the horizontal channel is that the center purple line is the main accumulation price that the big dogs are loading up at. Once price maintains above that center line, it is game on to the upside.

It sure looks like we had a diamond accumulation pattern. Then a dip back down to retest the center purple line and now it's upwards.

What's interesting is that at the end of Nov at the smaller purple arrow, price couldn't take out the prior swing low.

It sure looks like a short squeeze is coming and there are some key swing highs that could be targets.

The key area now is to build some type of base above 3975

I am not going to hold my breadth on it, but a pullback into that 3975 would be a great place to look for a buy.



IMHO it looks like the big boys did their loading and now the little guys are trying to ride the FOMO


I think that we are back into the FOMO and greed stages again?



The talk next week will be all about the trend line break and that will bring on the FOMO and greed trading. But I take it with a grain of salt.

There's really no sign of a big selling distribution pattern at the tops of the last swing highs. It just really looks like there was some big boy buying at the swing lows as they might be cost averaging into the market?

I am sure there is some profit taking at the swing highs, but nothing to the extent of the buying that has been taking place.

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