AI
Tuesday, January 29, 2008 8:36:05 PM
Hello Two!
Here is my hourly chart. From where I have the trendline drawn, todays gap open may have been the break out. We do have a well defined rising trendline that price has been bouncing along for two days now. The dashed blue line is just me playing with the trendlines, but it does form a pennant or triangle of some sort.
I have started to study the point and figure method some, and here is the hourly chart of the SPX, using a box size of 10, and standard 3 box reversal. I have boxed out what I think could be some resistance at 1380 and 1440. Any move in the SPX of less than 10 points gets filtered. So it would need to move above 1370 before another X would be placed in the current column of X's. However, that would give a buy signal on the SPX. Also note the higher lows over the last three columns; bullish. Again, just getting started with this, so if I am wrong, please correct me if I am wrong.
Enjoy!
Here is my hourly chart. From where I have the trendline drawn, todays gap open may have been the break out. We do have a well defined rising trendline that price has been bouncing along for two days now. The dashed blue line is just me playing with the trendlines, but it does form a pennant or triangle of some sort.
I have started to study the point and figure method some, and here is the hourly chart of the SPX, using a box size of 10, and standard 3 box reversal. I have boxed out what I think could be some resistance at 1380 and 1440. Any move in the SPX of less than 10 points gets filtered. So it would need to move above 1370 before another X would be placed in the current column of X's. However, that would give a buy signal on the SPX. Also note the higher lows over the last three columns; bullish. Again, just getting started with this, so if I am wrong, please correct me if I am wrong.
Enjoy!
Jared
jjames10@nc.rr.com
"Don't Panic!"
