Replies to post #55719 on Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

questor...

It looks like we fell out of the bear flag today and the chart is now a simple "ABC" move. The "A" down trend and "B" corrective bear flag are complete and we started "C" this afternoon. I look for "C" to equal "A", which means that the 1347-1350 support area will probably not hold, at least not for long. I look for a downside target of around 1260 off of this unless we get some determined intervention.

Gold and the $USD seem to confirm this view nicely, as does the most recent bull/bear ratios of 53/18. Fundamentals also support a downdraft here, and probably more to come after that.

Just my opinion, though.

mlsoft

[mjk]

That can only be determined afterwards...you need at least two points right. Well the second point, if it holds, will be at the 1347 area. So we haven't broken the up channel. I suppose at any time you could connect some lows and say "hey, we just broke below the line..." We'll find out soon if we just broke down out of a rising wedge or if we're in up channel where 1347 holds. I believe others have pointed out the significance of 1347 as well, lower BB, previous high....

We'll see.

[sylvester80]

With the lower bollinger band AND the 50 SMA right at the lower trend line, we'll have to wait till next week to see if the 1347/50 trend line will hold and we can bounce off of it. Then we'll talk...