Replies to post #6560 on MDA - Market Direction Analysis (MDA)

[LG]

hk2: Dow down below its ascending triangle support line now as well. I do believe in triple tops...gg, however with any topping formation I always look to my MTF Models to help me discern if the pattern (any pattern for that matter) is going to break to the norm, stall or fail.

Of course some price/volume patterns work better than others, but nothing in technical analysis is 100%.

Regards,
LG

[augieboo]

Charts -- If this rally is "real," i.e., more than just another flash-in-the-bear-pan, then I think this retracement should stop right about here. Here's my thinking, chartwise:

[1] Falling SR line



[2] 38% retracement



[3] Fork Support



[4] Last but definately not least, there is the matter of the ascending triangle on the COMP. If that fails all heck breaks loose IMDO. Note that pullbacks to the horizontal breakout line are quite common, and nothing to be worried about, in and of themselves. But if price breaks below that thick red line then things start getting really hinky.