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Sunday, August 12, 2012 11:54:23 AM
Amateur Investors Weekend Stock Market Analysis (8/11/12)
http://www.amateur-investor.net/Weekend_Market_Analysis_Aug_11_2012.htm
The NYSE Composite shows its longer term downward and upward trend lines are converging using a log scale. Thus this is leading to the formation of a large Triangle pattern which looks to be nearing completion. Typically once a Triangle completes a large move will follow in one direction or the other. If we are seeing a Bearish Triangle then the "e" leg is almost done as it approaches the top of the downward trend line.
Meanwhile if we zoom in closer the key characteristic of a Triangle is a series of Zig Zags which appears to be the case. If the last Zig Zag "e" is nearing completion and this is a bearish Triangle then we would see a sharp reversal to the downside as we move into the Fall. To eliminate the Triangle possibility the NYSE will have to rise above the peak for "c" which was at 8328.
http://www.amateur-investor.net/Weekend_Market_Analysis_Aug_11_2012.htm
The NYSE Composite shows its longer term downward and upward trend lines are converging using a log scale. Thus this is leading to the formation of a large Triangle pattern which looks to be nearing completion. Typically once a Triangle completes a large move will follow in one direction or the other. If we are seeing a Bearish Triangle then the "e" leg is almost done as it approaches the top of the downward trend line.
Meanwhile if we zoom in closer the key characteristic of a Triangle is a series of Zig Zags which appears to be the case. If the last Zig Zag "e" is nearing completion and this is a bearish Triangle then we would see a sharp reversal to the downside as we move into the Fall. To eliminate the Triangle possibility the NYSE will have to rise above the peak for "c" which was at 8328.
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