Thanks for posting this chart. I haven't looked in a while.
Powerful breakout this morning marks a Triple Top breakout. New Preliminary Bullish Price Objective is 1430.
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That is a buy signal.
I want to try and track the P&F chart more closely this year. Last year I missed a couple of signals due to travel, and that messed up the results. I'll try and do better this year.
Good luck.
Thanks for posting this chart. I haven't looked in a while.
God bless the United States of America!
I haven't posted a new chart in a while. Nothing appears to have changed, but the price objective was revised upwards. Current bullish price objective: 1820
SharpChartv05.png
I'm actually thinking we're due for a pullback soon, but I'm not quite ready to jump off this moving gravy train. Happy investing everyone!
God bless the United States of America!
Thanks for tracking it Viva La Migra. Going back 3 years on the weekly, off the previous 3 Long Tail Up Xs we got a a 4-7O retracement. Based on this data, I would hypothesize an SPX retracement of 1340-1370 based off the current 1414 level.
Attachment 18194
Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
Thanks for catching that the "P&F Chart C" changed to a "LONG TAIL UP" day before yesterday- I missed it until today.
Yes, as of day before yesterday, we got a "long tail up" signal.
What that means: That means it's gone up 20 more more boxes, and is likely ready to have a rest. It is POSSIBLE it will continue higher, but it is odds-on more likely that it will have a slight retracement soon.
Personally, I was seriously thinking about jumping back in today, after having moved to the sidelines a short time ago.
However, after seening the "long tail up" signal on the chart this morning, I'm going to sit on the sidelines some more, and wait.
I could be wrong, but it does look like we may break downward soon. That's my personal account (in G) and my personal opinion.
JTH- I totally agree that 1340-1370 looks like the right targets to watch. Great job.
Technically, with the "official" P&F chart "C" account I am mock-running, it stays invested again today, but I am poised to watch for a negative break. If it does, there may be a move to "G" soon for the P&F chart.
Good luck.
Thanks for posting the P&F charts. Certainly gives pause for consideration, doesn't it?
CURRENT ALLOCATION: 100% I AS OF C.O.B. 5/22/2017
If I were trapped on a deserted island and was only allowed to take one trading methodology with me, I'd take P&F charts. There is no other system that can cover multiple time frames, key levels of support & resistance, trendlines, breakouts, breakdowns, all without the use of a computer. This is also a system simplistic enough that can be taught to a child. Perhaps most important, its focus is on price!
Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
Thanks for posting this. I saw that PretzelLogic's blog today gave an interestingly similar prediction of 1367ish for this move. I'm certainly not smart enough to apply EW or P+F charts on my own at this point in my investing career, but when they all start lining up....
Anxiously awaiting a chance to escape the Pond.
Still waiting...
And waiting...
Ron Popeil (Set it, and forget it!) wasn't talking about the TSP!
No reason to get alarmed, just pointing out we have some retracements to consider. The Transports have reversed and seem to suggest a shelf of support @ 5050. The S&P 500 is currently the strongest of the of these indexes not having put in a reversal yet. The Wilshire 4500 has some minor support at 690. At this point I think it's safe to say this isn't the same market it was prior to March, although the trend is still up, we have clearly lost some momentum and may be transitioning into an increasingly oscillating market.
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Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
We have a bullish reversal on the Wilshire 4500 with 3 new Xs emerging at 720. If we added another X at 725 it would be a minor Double Top breakout, while at the same time making a Triple Top. If we added another X at 730, that would be called a Bullish Catapult (where a tripple top breakout follows a double top breakout) and also be a new Double Top.
Attachment 18297
Last edited by JTH; 03-26-2012 at 03:19 PM.
Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
When equally weighted, the S&P 500 actually shows we are at key resistance with a Trippe Top and working the Os.
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Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
Watch for a breakout as a leading indicator of market direction.
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Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
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