Lisa,
>>>>>>>>> also on a 60 minute chart it looks like we have a triple bottom..............dont these bottoms have some significance and indicate a possible hard bounce... <<<<<<<<<<<<<<<
Lisa, actually it is a quadrupal botton, hitting the 520 support on the OEX on AUG 5,11,17,21, and a quad bottom in such a short time frame is not common.
It will indicate a bounce, but not neccessarily a hard bounce. I actually feel that a double bottom or a triple bottom have the better chance of a hard bounce to the upside. Also many triple bottoms are interpreted as an INVERSE HEAD & SHOULDER, which often indicates a longer-term bottom, unfortunately that failed since a QUAD bottom occured.
Frankly, I just dont like the speed that the last bottom of the QUAD was formed. It happened so fast and easily breaking many support lines(intraday support lines) so easily. We also have to keep in mind that the upswing was 325 points, but the dowswing from the highs at 8750 to 8320 is 430 points. Simply put, the recent downswing was 30% greater than the previous upswing - just not a good sign, even in light of the quad bottom.
Seeya |
