Triple Bottoms should have lows that are fairly comparable, and that's up to the individual analyst to decide whether or not something is, or isn't, a Triple Bottom. In my view, the 29.79 intervening low (white arrow) disqualifies it and is "seeing what we wanna see," but I'm only one analyst and that's just my opinion.
A Triple Bottom should look more like what we saw at the bottom of yesterday's Rectangle in FCX...
The lows certainly don't need to be identical, but in this case, they nearly were. We now know, given today's trading, that the nominal break (a few pennies, down to 47.37) of the Triple Bottom in FCX was a Fakeout/Breakdown Bear Trap since FCX gapped up above the top of the Rectangle at today's open and hasn't filled the opening gap (as of this writing at 2:15PM).
Today's rally in SLW is a Breakaway Gap out a Bull Flag. The high of the Flag is 31.75 and the low is 29.79, so 31.75 - 29.79 = 1.96 points of upside on a breakout.
It's tough to measure these intraday charts exactly, but Trendline #2-#4 was at "roughly" 31.25 when SLW gapped up this morning, so-o...
31.25 + 1.96 = Target: "roughly" 33.21 IN PLAY
33.05 was the low, prior to the gap down on June 9.
33.45 was the last high, on June 9, prior to the gap down, so 33.05-33.45 is next horizontal resistance, and the target of "roughly" 33.21 is right in that price area.
Since the Bull Flag took one week's time to form, one wouldn't expect the target to get MADE in today's session, if it does get MADE at all, but one never knows ;)
6 comments:
Excellent Melf. What a nice update. Thanks for taing the time :-)
Mary
Nice post. thank you. Do you think that any of the cycles on that neat TA link that Mary showed us is looking valid.
You're very welcome, Mary. I had some free time this afternoon, so posted that since several of you are interested in SLW.
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I'm not familiar with how well the Hurst Cycles work, JC, but today's rally certainly seemed timely since the 5 and 10-day cycles were a miss and the 20-day cycle is predicting 31.74 - 42.00-ish by June 23, from what I understand of it.
Mary probably has a better understanding of interpreting those cycles than I do.
Hi Melf . .it was such a nice day. I hope you had a nice day with whatever you were doing. You certainly lend a hand to everyone's understanding. Thank you for sharing your smarts!
Mary
Hi Melf, thanks for all the SLW coverage. Just a curious question about the last 2 and 3 days of candles on FCX and if you're familiar with either of these patterns.
The last two candlesticks formed a Bullish Kicking Pattern, a bullish reversal pattern that marks a potential change in trend.
The last three candlesticks formed a Bullish Morning Star Pattern ,a bullish reversal pattern that marks a potential change in trend.
Though both highly reliable confirmation is still recommended.
Good Morning, Jim,
No, yesterday wasn't a bullish kicking pattern. Monday wasn't a long black candle, and yesterday's white candlestick didn't gap above Monday's candlestick. Here's the definition:
"The Bullish Kicking Pattern is a White Marubozu following a Black Marubozu. After the Black Marubozu, market gaps sharply higher on the opening and it opens with a gap above the prior session’s opening thus forming a White Marubozu."
The 3-day pattern isn't a Bullish Morning Star, either. Here's that definition:
"This is also a three-candlestick formation signaling a major bottom reversal. It is composed of a long black candlestick followed by a doji, which characteristically gaps down to form a doji star. Then we have a third white candlestick whose closing is well into the first session’s black real body. This is a meaningful bottom pattern."
You can go to Google.com, click on "Advanced Search," then in the second box that says "exact word or phrase," type in the pattern that you want. You'll get results that you can click on to see if the patterns that you are looking at in the charts match the definitions.
Have a great day!
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