![]() I will spend some time on the targets from both rising and falling wedges in the webcast that I take next Monday afternoon at 130 UK time. If this occurs on this occasion then it means that the Ft100 is heading much higher to around 6670. For the Elliott analysts reading, this is a line between wave 1 and wave 4 of the formation. In that time I have noted that a up sloping trendline, drawn as I have shown above, provides an excellent target. I have used the falling wedge and its brother the rising wedge (a bearish pattern) for many years on all time frames down to a 5 minute chart of stocks, indices and Forex. This is where I started to build my first positions and have done my best to catalogue those in this forum. The Primary wave on VectorVest turning to UP after this point was an excellent but confirmed, low risk entry. Its OK to wait for a little confirmation although my mentor MR Gann instructed to get aboard at support. ![]() There is no need to be a war hero at the low. I am more than happy to admit that's its always very easy in hindsight.Īt that time the VectorVest MTI indicator was signalling that the market was much oversold with a reading of less than o.6. This level in both time and price was defined in advance by drawing a simple line with a old fashioned ruler. ![]() The pattern is composed of 5 waves which charts 3 drives to a bottom.įor the brave, the place to buy was where the price touched the lower blue trendline which defined the lows of February to the tick. The blue lines (defining the tops and the bottoms of the pattern) are coming together and should meet at some point in the future. The pattern which I have roughly drawn with the blue trendlines is a "falling wedge" and its a bullish pattern which has very defined entries and exits. Above I show a weekly chart of the FT100 stock index.
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