Zeev's Turnips Patch-No Politics (ZEEV)

[Newly2b]

plexxus,

Always enjoy your charts, thanks for sharing.

On the COMP Daily, did you notice the position of that symmetrical triangle within the larger falling channel which has completed four t/l touches, a partial retrace, and Friday closed just a hairsbreadth over the upper t/l (with a b/o target of 2200 which meshes nicely with the target of 2200 for the triangle if an upside b/o there occurs around 2100 as expected)? Looks good to go.

The candles, however, are telling a different tale. Thursday's long red candle was a Bearish Engulfing, and Friday added a Doji, thus forming a Harami Cross, indicating a significant trend reversal. Since the first candle of this Harami Cross is a long red candle (not white as one would expect at the top of an uptrend but rather what usually occurs at the bottom of a downtrend) as well as being a Bearish Engulfing, the meaning of this formation is ambiguous, IMO. Either the two formations complement and strengthen each other, in which case we are likely in for a strong move down, or the Harami Cross, with its bottom-trend-reversal appearance, could modify the Bearish Engulfing, indicating simply a trend change to a lateral move. Interesting dichotomy. JMO, of course, your mileage may vary.

http://www.ttrader.com/mycharts/display.php?p=31794&u=newly2b&a=Newly%5C%27s%20Charts&id...

BTW, note that a downside break of that triangle and the 1/24 low at 2008 (which broke long-term support going back to '98) would also mean a breakdown from the Rising Wedge on the Weekly chart going back to 1/02 (currently at 1212), with a downside target of 1100. So, IMO, a violent move down this coming week (minimum -70 pts) could result in Ze'ev's defenestrated Nassacre being undefenestrated . . . er . . . adefenestrated . . . er . . . irdefenestrated . . . er . . . inversely defenestrated . . . that is to say, hauled back in the window!

I await Monday's denouement with bated breath . . .

Newly