Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (76813)	5/10/2001 9:53:20 PM
From: Boplicity	Read Replies (2) \| Respond to of 99985

By the way, I declare this thread has become useful again. will it last????? eom B

To: Boplicity who wrote (76813)	5/11/2001 11:13:34 AM
From: eichler	Read Replies (1) \| Respond to of 99985

"well I just read this, maybe because it's a(n) ascending triangle instead? <g>" Boplicity, I always appreciate being corrected when I am in error; I find that a useful learning apparatus. In investigating your supposition, I feel I am correct in terming the pattern I am focusing on as a rising wedge. To point out the parameters of the object of my focus, I am looking at the $compx daily chart, drawing a line for my upper boundary connecting the points of 4/20, 5/4. The lower boundary of my observation can be observed connecting the points of 4/25, 5/4. Now, please check the following: chartpatterns.com chartpatterns.com The slope of the upper boundary is not horizontal, it has a rising slope. More importantly, I am concerned with the implication of the pattern I am focusing on. An ascending triangle is common in uptrends and often results in a continued up-move. A rising wedge implies a break downwards from the pattern. Depending on how I squint (ggg), it appears a downward break is in progress. Stochastics (falling), ADX (turned negative), and 5e8s MA Crossover (an indicator which serves me well) all support that the index is weakening and likely to continue down over the days to come. Should the expected down-move in fact come to fruition (which would cause me to target fib retrace points from the 4/4 low to the 5/2 high), then the outcome would also support my terming what I'm seeing as a wedge over your terming the pattern an ascending triangle. I am offering this explanation to you not to begin an argument, but to clarify in my mind the pattern I have been "seeing" and the desire to not erroneously term my past, present, and future recognition of this pattern. Regards, Eichler