Dow Intraday charts 20/05 - 24/05

ChartMan

Legendary member
5,580 46
The first 3 pk PD failed, and the next 3 too....Is this a sign of impending movement downwards because of failed TA?. Not a lot else to see, except the very high RSI and CCI values failed to push the DOW up, barely managing a 230 point move. (82/359). Same for the down, RSI 20 CCI - 175 only moved the price down 40. This suggests a reluctance in the market in general....but I think the downside has it....
 

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ChartMan

Legendary member
5,580 46
Good trading day today. Trading the failed bull triangle when it dropped through the 100 MA would have netted around 150 points. Sticking with the 100 MA rule would have kept you in till the bottom, getting out just before the close. The 7pm traders could have got around 75 points, entering just after the bear pennant as it "blipped" through the 100MA nad dropped back down.
The failed bull triangle and the failed 3 pk confirmed PD added strength to the downtrend.For the 3 pk PD to "perform" it would have had to have broken through the 100 MA straight away...
The only thing that did perform, to perfection , was the bear pennant.
The closing action has started to form an inverse H&S. If this performs tomorrow,breaking throught the 100 MA, it will confirm the longer term 10 min. charts bottom call.

P.S. Check out in the archives 03/04/02 intraday for a carbon copy of today's action- failed bull triangle/bear pennant/inv H&S.
History DOES repeat itself.
 

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dsmodi

Established member
509 2
I can't seem to find the archives.

Would anybody be able to post here the link mentioned above....?
 

ChartMan

Legendary member
5,580 46
Had a great call at the bottom tonight with the RS switch and the PD on CCI on the 10 min chart. Led, eventually to a handsome 90 point rally into the close, closing at HOD. Very pleasing.All the PD's worked, as well as the "W" just after the open. That gave confidence to be bull as well. The evening traders would have got this closing rally and maybe a bit more, starting at 7p.m. The mid section was a wipeout, being stuck in the 100MA. All the signs were there for calling the bottom.....
 

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ChartMan

Legendary member
5,580 46
Another good day. Well done Apanda for calling the RS switch. Spot on! The drop to 85 was a little unexpected but there we are. The bottom there had no real signs , save the bounce off 23% which no doubt Skim called to perfection. from there on we got a triangle forming and the RS switch, pointing to a break, which it did right about 50%. That gave a target T1. From there we got to T2 with a classic overshoot and pull back to target, leading to T3 and out just before the close. The expanding triangle looked at a first glance to be a 3 pk nd top, which it virtually was. Closer inspection showed it to be closer to an expanding triangle ( high volatility) and right on the limit for the minimum time span of 25 minutes for an ND top. One could have been forgiven for treating it as a top, being so close to T1, and exiting.Tricky call at the time, no doubt about it.
Once again the 7 pm traders could have had handsome gains of 100 or so points tonight. All the clues were in place by 7pm.
 

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ChartMan

Legendary member
5,580 46
Relatively simple, but unexpected down today.Uptrend support on RSI was quickly turned into resistance at 3pm, signalling the tone for the rest of the day. Note the balance of RSI lies below the 50 and CCI lies below zero. The down trend could have been ridden all the way down to the bottom, using the 100 MA +20 as a stop. The most the price went above the 100 was 5 points.By 8pm a divergent bottom was forming, but it never made the convincing 3 pk PD bottom... Off the bottom, the price did break the down trend resistance line at 100 and quickly retraced to 95 to form an RS switch, confirming the reversal. Again the 100 MA break provided a "safe" entry at 106 five minutes later....but for a small gain of 20 odd points. The 7pm traders would have had a tough time tonight, picking up , at best, 20 or 30 points.....Solid action around the 23 and 38% fib. points to assist the descision making.
US markets are closed Monday so no report....
 

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