Thursday, May 02, 2002
Thursday after the close
The 5m chart at stockcharts.com is more than "live price", it is dynamic in that I am, for now, sharing my far-more-active trading version. The chart below is the end of day version from Tuesday. It changes dramatically through the day as I add-subtract-change MLs as they play out or are needed by the price action.
On interesting pattern today was the completion of what I called an "expando-matic", a broadening formation. What I liked was that the set of MLs defined it, price on the tops favoring the bullish ML and on the troughs favoring the bearish ML. The bear won and later, another feature of the expando, the trough trendline extension, acted as resistance. Very "nice" (gg).
That 1228 level was once again challenged and ultimately breached on the close. This is likely to open the door to the next round of lower levels, 1219-1212, a touch of 1192-1203 then pretty much a clean shot to 1166.
Mind you, this is the big road map and largely based on a failure of the Daily Median line to prop price. Note that today price closed below that line. This was a confirmation of Monday's first test which closed below that line. My take is that this confirms a stronger bias down. But as always, I don't make the waves, Lady Market does.
Labels: market-calls-dated
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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