From yesterday morning:
"48.54 + 0.43 = Target: 48.97 IN PLAY
48.50 + 1.10 = Target: 49.60 IN PLAY
The key numbers that The Bulls need to take out continue to be:
1. 49.65 - The Triple Validated Resistance High
2. 49.90 - The Double Validated Resistance High
3. 50.38 - The High at Blue #4 in the Bull Flag/Channel"
Both targets got MADE in yesterday's session, and The Bulls also got through those three important levels of resistance.
I keep getting "error" when I try to upload my charts this morning. I'll try it again later on.
The bad tick down to the 45's on Monday caused me to miss the third pattern in the daily chart, a Symmetrical Triangle, which also broke out yesterday. That pattern is comprised of the last four candles in the daily chart, prior to yesterday's TRIPLE breakout. It would best be seen on an intraday chart, like Tuesday's Triple Top/Ascending Triangle breakout, but unfortunately, we had the bad tick so it can't be seen other than in the daily chart.
For the Symmetrical Triangle:
Data Point #1: 49.90 high on 6-22
Data Point #2: 47.11 low on 6-23
Data Point #3: 49.65 high on 6-24
Data Point #4: 47.40 low on 6-27
No need to post the target since everyone knows how to do that after the dozens of target calculations that I've posted, right? RIGHT??? LOL.
Hint: Take the high of the pattern minus the low of the pattern, then add that amount to where the trendline was when the pattern broke out.
The Triple Breakout:
1. FALLING WEDGE - crossing the trendline above 49.188
2. BULL FLAG/CHANNEL - crossing the trendline above 49.23
3. SYMMETRICAL TRIANGLE - crossing the trendline above 49.40 (<<< hint)
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11 comments:
Thank you, Melf. As I write this we are at 51.13 premarket. Resistance becomes support now . .right? RIGHT :-) It is fun follow your thinking.
Mary
Can't type so excuse my errors . .it is fun to follow your thinking :-)
Although I am learning to comprehend TA your step by step breakdown on the charts Melf makes reading them mentally pretty clear.
jc.
Mary,
Yes, "former resistance 'should' become support."
Don't talk to me about typing errors. Ever since my computer crashed, my cursor jumps around willy nilly, to the paragraph above or to the paragraph below, or to the middle of a word on the line above, etc. It's driving me half crazy. LOL.
Thanks very much for that, Jim. I try to make the process as easy as possible, but my explanations seem so long-g-g. I'm glad that you are able to get through it ;)
"Hint: Take the high of the pattern minus the low of the pattern, then add that amount to where the trendline was when the pattern broke out."
So Melf am I correct saying that the Sym Tri breakout puts 51.9 in play?
jc
Melf, sorry that bad tick messed with you :-) I would like to say your commentary does seem long to me at all. Like Jim says, you paint a good mental picture and I don't think I could grasp it you weren't so precise in your explanation. I know it takes your time, but it is good teaching . .and interesting . .so doesn't seem like you are long winded at all to me. I appreciate every morsel :-)
Mary
Haha . .meant to say does NOT seem long . . I need a coffee this morning :-)
Mary
(So Melf am I correct saying that the Sym Tri breakout puts 51.9 in play?)
Jim,
You're off just a little. Did you add the height of the pattern to where the Symmetrical Triangle trendline was when that pattern broke out?
Please deposit another quarter and try again ;)
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Mary,
LOL. I knew what you meant. I often need another cup of coffee. That, or a good kick in the head ;)
Melf,
I took the high+(high-low)I don't think I added the diff to the bo price level. Let me see I can recalc correctly. thx for your feedback
You're very welcome, Jim. Keep trying. I posted it at the FCX Board this morning, if you need to look at it.
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