| kst1 - 11/27/2018 14:12
JP is there room for appreciation of wedges and breakouts within Dr Andrews work? I know that's not something you study but you have to admit it's there, don't you?
As always you're just a little cryptic in the way you write.... last week you were talking breakout higher, now your analysis of wedges and head fakes makes me think you expect price to go lower yet. Has price not "done its job" down here yet?
Hi kst1,
Sorry for the delay and the confusion. I suppose it can be hard to follow along without pictures as a reference. I never talk about break outs other than the BO players getting spoofed. Other than that, you came up with the break out idea from someone else. But I was talking about the larger formation and what -IMHO- its job is to do, which is rally quite significantly higher in most likely a parabolic move. But that is not now as price has jobs to do before then ... or fail - whichever. So my comment on one job into another is simply that price's job is to trade above the 906 highs. Why is it it's job? Because on my chart, selllers attempted to sell it there but did not make new lows - or they did not have enough energy to make new lows. So price's job now is most likely to trade above that level. After that price will head for it next job which is - again most likely to make new lows or below 810.50 which normally happens in pretty dramatic fashion. And that is why I have remained firm that price is not done down here and that the lows likely are not in. That said, the rally will be interesting as depending on the market structure, the amount of energy exhibited, price may not be able to finish its job and thus a failure would occur. Either way I expect the attempt. From there, we should unlock the door containing the energy for our larger degree correction. It's not going to happen tomorrow, or next month...probably not even in the first quarter of next year, but that is the path I think price is on. It isn't rare at all.
I never remember reading or hearing about the great doctor respecting wedges. Too be honest, in my world there is no such thing. It's a term that was coined by technical guys for something they didn't understand and instead of investigating and trying to understand it, they would just call it a wedge and then say "do nothing til it breaks". Wedges are nothing more than a period of time where the multiple dimensions of price are realigning themselves usually after a vertical move. So it seems like price is doing nothing, but the truth is its doing exactly what it needs to and is no different than price any other time.
Take Care
Edited by J P 11/28/2018 07:13
|
Nice bounce!
