Thursday, December 16, 2004 6:56:41 PM
Uptrend is not confirmed with the close. Not in my books. There needs to be a substantial difference on the positive close at the bottom C. Basically it needed to close above the resistance after Bottom B which was .0056, thats why I wanted it to close at or above that mark.
It didn't. So now it's tough to call. Let me explain these charts in detail.
Ok. #2 Established a downtrend, and because we didn't close above .0056, a negative close tomorrow below .0050, that X will become a "3" confirming a downtrend.
Of course it's not for mid-long term. I'm talking about days.
Now - If we close positive tomorrow, That C will have "confirmed" our uptrend.
Over a month ago I brought up a "rounding bottom", some couldn't see it, but here you will see that we have been following a half circle, otherwise known as "rounding bottom"
We have room to move down to .0025, we can follow the line or we can stay in the middle of it. Once we get past that resistance of .02, sky's the limit. Sometimes rounding bottoms take days to form, some weeks, some months. At least we're in the rounding part going up. It could be another several weeks before we reach new 52 week highs. All in all we are in an uptrend for long term.
OF COURSE WITH A JUICY PR ALL THIS IS CAN BE THROWN OUT THE WINDOW BECAUSE WE'LL MOVE LIKE SPEA DID.
GOODNIGHT ALL. LAST POST FOR ME.
It didn't. So now it's tough to call. Let me explain these charts in detail.
Ok. #2 Established a downtrend, and because we didn't close above .0056, a negative close tomorrow below .0050, that X will become a "3" confirming a downtrend.
Of course it's not for mid-long term. I'm talking about days.
Now - If we close positive tomorrow, That C will have "confirmed" our uptrend.
Over a month ago I brought up a "rounding bottom", some couldn't see it, but here you will see that we have been following a half circle, otherwise known as "rounding bottom"
We have room to move down to .0025, we can follow the line or we can stay in the middle of it. Once we get past that resistance of .02, sky's the limit. Sometimes rounding bottoms take days to form, some weeks, some months. At least we're in the rounding part going up. It could be another several weeks before we reach new 52 week highs. All in all we are in an uptrend for long term.
OF COURSE WITH A JUICY PR ALL THIS IS CAN BE THROWN OUT THE WINDOW BECAUSE WE'LL MOVE LIKE SPEA DID.
GOODNIGHT ALL. LAST POST FOR ME.
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