Was looking on old charts of people from here and found this great idea from littleriver. His observation was superb, pity i was not trading at that time, but it was so obvious, the forming of the bullish falling wedge was aking to be a success and right after that it goes straight up in a, yet again, well defined channel.
Alcoa shows many occurrences of well defined channels in both ways - once you get the tops or bottoms it is then easier to see the support/resistances.
Speculating on the future i see AA as a long - it may consolidate here and repeat the down wave as previously in history, although the channel is so strong and without wiggling, that i wonder if it can go all the way up to 20. In any case, it does always bump to/from previous highs and lows as it shows in many different cases.
Props to littleriver for the take on this way back - giving such ideas at the best times shows how good your skills are.
Alcoa shows many occurrences of well defined channels in both ways - once you get the tops or bottoms it is then easier to see the support/resistances.
Speculating on the future i see AA as a long - it may consolidate here and repeat the down wave as previously in history, although the channel is so strong and without wiggling, that i wonder if it can go all the way up to 20. In any case, it does always bump to/from previous highs and lows as it shows in many different cases.
Props to littleriver for the take on this way back - giving such ideas at the best times shows how good your skills are.
