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this is the wrong time of year to expect an ellipse to head south.Do you have a dow number on the upside that would negate this ellipse?At this point it s hard to fathom we head down and crash from here---maybe next year when tapering starts.
Martin, I have no idea about levels inside an ellipse. What matters is the prices stay within it until they break to one side or an other. I look into channels for levels. By the way, ellipses are not necessarily topping patterns.
I guess 16200 would be a number where I would think the ellipse is no more. 16200 would also be above the red resistance. I'm not expecting a crash but there is an inevitable correction approaching which may start with the hit of the ellipse and red resistance.
this is the wrong time of year to expect an ellipse to head south.Do you have a dow number on the upside that would negate this ellipse?At this point it s hard to fathom we head down and crash from here---maybe next year when tapering starts.
ReplyDeleteBouraq, towards which level would you draw arrows to if the Dow elipse works out? Thanks
ReplyDeleteMartin, I have no idea about levels inside an ellipse. What matters is the prices stay within it until they break to one side or an other. I look into channels for levels. By the way, ellipses are not necessarily topping patterns.
ReplyDeleteI guess 16200 would be a number where I would think the ellipse is no more. 16200 would also be above the red resistance. I'm not expecting a crash but there is an inevitable correction approaching which may start with the hit of the ellipse and red resistance.
ReplyDelete