AI
Wednesday, August 18, 2010 11:29:51 AM
Re: GOOG - 7-Yr., Weekly Chart:
In the big picture, the H&S is inverted, but lacks the "body" in the upper part of this anatomy. Meaning that there are no preceding body from which the left shoulder, the head, and now the right shoulder has formed.
The lack of precedence would make it less probable for this H&S to get validated, IMHO.
Instead, I believe that the historical high in late 2008 and recency-low in late 2009 (see chart below) have bracketed the most significant borders within which the crowd psychology will play heavily. Technically, the convergence at high and low points have defined significant borders for the bearish and bullish channels.
I just re-drew below a weekly $GOOG chart for the big picture since inception:
GOOG - 7-Yr., Weekly Chart:
- Dalcindo
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Message in reply to:
Posted by: IIIverson Member Level Date: Wednesday, August 18, 2010 11:07:16 AM
In reply to: dalcindo who wrote msg# 2068 Post # of 2074 Send a link via email Share on Facebook Tweet this post
Dalcindo, while I agree about the bearishness of GOOG and chart it almost the same way... I was cant help but notice the BIG PICTURE looks like a REVERSE HEAD & SHOULDERS... over the last 3-4 years. Its def the long term BIG PICTURE but it would mean that GOOG would head back up from here...
Just a thought. I always try to look at it from all angles.
---------------------------------
- Dalcindo
In the big picture, the H&S is inverted, but lacks the "body" in the upper part of this anatomy. Meaning that there are no preceding body from which the left shoulder, the head, and now the right shoulder has formed.
The lack of precedence would make it less probable for this H&S to get validated, IMHO.
Instead, I believe that the historical high in late 2008 and recency-low in late 2009 (see chart below) have bracketed the most significant borders within which the crowd psychology will play heavily. Technically, the convergence at high and low points have defined significant borders for the bearish and bullish channels.
I just re-drew below a weekly $GOOG chart for the big picture since inception:
GOOG - 7-Yr., Weekly Chart:
- Dalcindo
---------------------------------
Message in reply to:
Posted by: IIIverson Member Level Date: Wednesday, August 18, 2010 11:07:16 AM
In reply to: dalcindo who wrote msg# 2068 Post # of 2074 Send a link via email Share on Facebook Tweet this post
Dalcindo, while I agree about the bearishness of GOOG and chart it almost the same way... I was cant help but notice the BIG PICTURE looks like a REVERSE HEAD & SHOULDERS... over the last 3-4 years. Its def the long term BIG PICTURE but it would mean that GOOG would head back up from here...
Just a thought. I always try to look at it from all angles.
---------------------------------
- Dalcindo
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