Saturday, March 01, 2003 11:53:45 AM
Chart pattern getting ready to repeat?
I like to watch for repeating patterns in the charts as a lot of the time they will duplicate themselves. Notice the similarities between the DMI/ADX relationship in May 02 compared to Feb 03? Notice also that the MACD is in the same place. Below 0 means that the overall market sentiment is still Negative. Also notice that preceeding most of the declining periods the MACD has seen lower levels at which it topped? If the next Negative MACD crossunder occurs below 0 then I would anticipate that we see another new Low. Also keep an eye out to see if the DMI+ can take over the trend by moving above the DMI-. The DMI-/ADX relationship is indicating that we are in a weakening Negative trend, for now. If the DMI+ fails to take over the trend then the Negative trend will continue. JMHO though. :^)
I like to watch for repeating patterns in the charts as a lot of the time they will duplicate themselves. Notice the similarities between the DMI/ADX relationship in May 02 compared to Feb 03? Notice also that the MACD is in the same place. Below 0 means that the overall market sentiment is still Negative. Also notice that preceeding most of the declining periods the MACD has seen lower levels at which it topped? If the next Negative MACD crossunder occurs below 0 then I would anticipate that we see another new Low. Also keep an eye out to see if the DMI+ can take over the trend by moving above the DMI-. The DMI-/ADX relationship is indicating that we are in a weakening Negative trend, for now. If the DMI+ fails to take over the trend then the Negative trend will continue. JMHO though. :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
