SECOND COPY WITH MORE DETAIL - I have analysed the 4 hour Stoch RSI and MACD. My last idea was great, but Stoch RSI shape was a "W" not "M" hence market went down. I did not spot it. I have subsequently made an interesting pattern discovery with timing potential. I have marked areas in grey. In the first two grey areas the MACD bars had been making peaks and the market going up. This time the market is making troughs so the maerket if it repeats pattern should be going down further till at least 1 hour before Wall Street closes tommorow. Whether it continues down or reverses after that I do not know. A stop between 11039 and 11311 may be worth a punt going short (how I creat the red horizontals in the Stoch RSI and how I create the hearts and squares in the MACD I've mentioned in previous postings. I may publish twice to show better current detail.
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WOW have we done well !!!!!!! You may have noticed that there is one more 4 hour bar left right at the edge of the box. On the last two occasions that bar made higher highs and the MACD and Stoch kept heading in the same direction. Hum. With the one but last bar having done so well is it worth the punt for say a double bottom ? My lowest low is going to be $9,250 the next diagonal line below the box. This analysis does not go further than the grey box time cut off, and I'm not predicting that the next bar will break a new low. Is there still potential for a massive reverse H & S?
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Comment: Just an update on my most recent published idea.
Signal on 2 hour but sticking to short - Here's why. Interesting signals on 2 hour chart. Would normally have me thinking to buy, however, although the lowest trough in the bars of MACD remained the lowest trough before crossover the corresponding candlestick above which made a low of $9,047 was later beaten by a candlestick bar with a lower low of $9,045 before the MACD crossover. Therefore I'm not buying into this signal and still thinking of another short leg down coming up. Bollinger bars $9,442 and $8,838 could now need a break by a candle stick for any move up or down.
Signal on 2 hour but sticking to short - Here's why. Interesting signals on 2 hour chart. Would normally have me thinking to buy, however, although the lowest trough in the bars of MACD remained the lowest trough before crossover the corresponding candlestick above which made a low of $9,047 was later beaten by a candlestick bar with a lower low of $9,045 before the MACD crossover. Therefore I'm not buying into this signal and still thinking of another short leg down coming up. Bollinger bars $9,442 and $8,838 could now need a break by a candle stick for any move up or down.
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When talking about lower low in last comment I'm just talking about opening price and closing price not the highs and lows
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Most recently on the 2 hour chart. Bollinger tip working out well. Last time Bollinger Bands were this narrow breaks were significant. Check out: 1 Feb Down; 13 Feb Up; 26 Feb Up; 6 Mar Down. The blue and black arrow pattern Stoch RSI also good but had to wait for the net top. After that like last time the market is finally heading south. When talking about the Bollinger Bands I meant the 2 hour chart, and of course my Bollinger Bands are not the default but my own setting (20, close, 3)
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