A couple of readers have asked me to take a look at Copper prices, which have been tracing out a similar pattern to Crude Oil. Let’s take a quick look at the Weekly and Daily charts of Copper, which includes as massive Rounded Reversal and recent Cradle Trade. Copper Weekly: Just like many other commodities,…
What a day! We got an early morning gap and then the remaining structure for the day formed an ideal Rounded Reversal. Let’s see this intraday development on the SPY 5-min chart. Typically, if a morning begins with a gap of over 100 Dow points (or in this case, $1.00 on the SPY, the S&P…
I highlighted this possibility last night to a few people but now it appears confirmed that the US Stock Market – as described in the DIA – is completing a short-term (intraday) Rounded Reversal Pattern that appears to be setting up a counter-trend rally. DIA 15-min: If anything, this serves as an excellent example of…
Friday was a monumental day in so many ways, primarily because the S&P 500 closed at a multi-year low. Let’s step inside that intraday structure and see how the day developed and how we might have traded within the intraday timeframe. DIA 5-min chart: I’ll be honest – this was a very difficult day (at…
Today’s DIA action featured a lengthy positive momentum divergence heading into the morning’s open which wound up being a valid pattern that gave ample warning of its developing structure. Let’s view it both on the 15 and 5 minute intraday charts. DIA 15-min: A quick take at the structure shows a “Three Push” pattern completed…
The rounded reversal pattern is one of my favorite patterns because of the ease in recognition and edge characteristics inherent in the pattern… but of course not all patterns work to our expectations. Let’s look at a large-scale (weekly) failed rounded reversal pattern in CitiGroup (C). CitiGroup (C) Weekly Chart: As Citigroup began making new…
A reader asked me to comment on the chart of Silver, and it’s quite an impressive chart to behold. Silver is close to doubling in price from the October 2008 lows to present. Let’s take a look at the daily chart and also view the monthly structure as well. Silver Daily: Silver is showing us…
What a day Thursday’s trading was! It seemed all hope was lost for the bulls until the last hour. Let’s dig a little deeper to see some patterns you might have overlooked, including a rare fractal (double) Bear Flag and a “Three Push” Pattern. DIA 5-min chart: Again, what a day. Thanks to the end-of-day…
Seems that a lot of stocks are making possible rounded reversal patterns – Apple (AAPL) is no exception. We’ll soon know if these patterns are acutal reversals… or massive bull traps. Let’s look at Apple’s daily chart – if it is to mount a reversal to the upside, it will do so off current levels. …
Research in Motion (RIMM) recently completed a Rounded Reversal pattern on the Daily Chart, though with this week’s earnings gap, the stock has broken through EMA support. Let’s see the pattern and its resolution. RIMM Daily: The Rounded Reversal is a calm, interesting pattern that expects a stable shift from sellers to buyers as price…