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Nice trend channel Bill,
And to be honest I did'nt see it.
BUT, it is established WITHIN the Wedge. So in my opinion the wedge parameters are the ones governing the development of price in the future.
I won't argue with your DS (especially since I am not sure about the criterias...) and I have seen the upmoves they have been generating earlier.
BUT, look at yesterdays move in the enclosed gif:
If we keep the trendlines for the established Wedge as shown earlier, yesterdays move entered the Wedge again, but closed BELOW the line - in a Shooting Star pattern. Not exactly bullish.
Furthermore, the downmove from the Oct 26 top, could be argued to be a Bull flagg. HOWEVER, looking at the touchpoint we find that connection points doesn't touch in a zig zag pattern, but down, up, up, down and then the "break out up"(?) (and the close back inside the pattern, puts the Flagg pattern in question).
So a sloppy onlooker may be fooled into believing we had a breakout from a bullwedge, especially if you use bar charts instead of candle stick.
Thus we tried two breaks yesterday which failed and the day ended in negative shoting star pattern.
My bearish view on the bonds still stand.
I would suggest, we may be developing a Head and Shoulder pattern instead.....
And I am looking forward the discussion regarding THAT pattern in the future......<g>
regards
Stig
-----Oprindelig meddelelse-----
Fra: t-bondtrader <t-bondtrader@xxxxxxxxxxxx>
Til: realtraders@xxxxxxxxxxx <realtraders@xxxxxxxxxxx>
Dato: 9. november 2000 15:48
Emne: [RT] Re: Bonds on the up....
>For Stig and others to consider - see attached Gif.
>
>Bill Eykyn
>
>
>
>
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Attachment:
Description: "Bonds oct9a.gif"
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