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It looks like the list is down in the gutters again, so I'll try to divert
the focus to the market again....
With regard to "my" H&S pattern some time agao, we had a break of the
neckline on above average volume last tuesday, a few dawndays and then a
test of the neckline thursday with an impressive downday yesterday(friday)
on impressive volume.
The way I look at TA this is a close to perfect break of a H&S pattern,
suggesting declining in the future (perhaps even 104?)
If you look at the monthly gif chart we find some very interesting
things.There a "tons" of indicators pointing to a TURN upwards in price.
But it didn't happen - so, as so many times before we get a dramatic
decelopment to the other side.
We had mega resistence in the 120 -118 area.
50% retracement of the D-E rise at S
38,2% retrarement of the B-E rise at S
A trend line from the two A and C tops also generated good support
Some candlestick patterns also suggested turning prices
Time wise we see that the important bottoms of oct 87 and nov 94 as well as
the important top of april 86 were dynamically pointing to a turn around
April 99.
A large group of planetary aspects took place in the April/May period,
also pointin to change in trend.
As per Supertraders Almanac there is a 10 year seasonal pattern of RISING
prices from April to July 1st. AND a perfect 5 year seasonal UPTREND from
beg May to July 1st.
I think I have read somewhere that seasonals can Invert (?) perhaps that's
what we see here?
In other words, we "SHOULD" have had higher prices, not only short term,
but the monthly chart also indicates this is serious. If you look closely
you will also find the riing wedge pattern. (The potential in THAT pattern
IF broken, I will not mention on this list to avoid future hate
mail....<g>).
These are only observations the way I see the market and is not ment as a
recommendation. Perhaps it should not even be taken seriously, since I am
not a successful trader. ( I ran out of trading capital a few months
ago...).
stig
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