HI,
These indicators just turned from 24% sell to 100% buy
in one day. These are great trend indicators, but they
tend to turn late, that is if there going in one direction
and the tide turns they turn a beat off.
What am I saying, nothing really just that unless the conference that is being held at the New York Palace, from
November 28-29 brings good news which pushes the price up
fast, what we can expect is a stall at $120 - $1.30. Stall
not stop, it will only last a week or so and then take a
direction.
TA
See from Mar 29th to now, draw a line over the top prices and
bottom prices. This forms a triangle which is called a
consolidation triangle. That is, if the price was moving down
when the break comes it will continue down. If it was moving
up when the break comes it will move down. That wall
prior to Mar 29 was a rapid move up. The break yesterday
broke the triangle up. Therefore the chart pattern is up.
This pattern has a low failure rate however its an
unstable pattern in that, after a brief rise, it can fall back.
These fallbacks can be brief a week or two and that is
called a throwback on its way up. The throwback would
occur at about $1.38 (estimated and varies). After that
the price would rise again. There are failures in the
throwback where the price drops.
What I am trying to say is that TA is an hour by hour
study. There are only a few long term patterns that
are safe to ride. Trading is a day by day, hour by hour
thing. Whatever is said today changes quickly and
you have to chart every day to catch the set backs.
If I tell you all is well now, call me Friday at 10am I
might have a new story.
It looks great!
OKY
AI
