Double bottom?
Did we recently qualify as a double bottom on the NDX?
You mean, on September 6? I am afraid - not. A double bottom is confirmed when the price rises above the high between the two bottoms and doesn't fall below any of them. We haven't had such a thing on the $NDX yet. In addition, I am afraid that I see a Head-and-Shoulders Top there, having formed since the end of July:
On further review using July's lows,is it a triple bottom?
Even if it is, that's not good, because tripple bottoms are often broken to the downside - as I indeed think will happen, after the obligatory small bounce off the July low.
Do you think we will trend upward once slow stochastics become overbought?
The Stochastic (do you have in mind the one I've used above?) turned mid-way without reaching overbought - which is normally a very bearish development.
Regards,
Vesselin
Did we recently qualify as a double bottom on the NDX?
You mean, on September 6? I am afraid - not. A double bottom is confirmed when the price rises above the high between the two bottoms and doesn't fall below any of them. We haven't had such a thing on the $NDX yet. In addition, I am afraid that I see a Head-and-Shoulders Top there, having formed since the end of July:
On further review using July's lows,is it a triple bottom?
Even if it is, that's not good, because tripple bottoms are often broken to the downside - as I indeed think will happen, after the obligatory small bounce off the July low.
Do you think we will trend upward once slow stochastics become overbought?
The Stochastic (do you have in mind the one I've used above?) turned mid-way without reaching overbought - which is normally a very bearish development.
Regards,
Vesselin
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