Trendlines don't work?
Air, water and brown rice are free or almost free. Look what happened to the former 2 and what they did with the latter -- fed it to pigs, but sold us the refined variety, then saw the profit potential and went back to "brown" but charge us 4-5 times as much and ++.
Then what about the 2 wise guys who recently flattened a country to kill one guy, but ended up killing hundreds of thousands and now are totally focussed on REBUILDING?
So it is with TA. Complexity galore! Basics ignored!
Exhibit A: Dow Jones. Just saw/heard on CNBC several experts saying all kinds of stuff about where its going -- DOWN was NOT an option. They came up with all kinds of fundamental and technical stuff, even citing esoteric ARC theory.
But here's what I'm saying, "the basics never fail"
See chart -- call is being made way before any serious downside has occurred.
The entry: Upward Cross of red downtrendline = somethings afoot in a bullish sense.
cross of 200-day = bullish
retests trendline & 200-day holds firm, then previous high is taken out
at a steep angle of ascent
No sign of worry since No violation of rising, gapping MAs (closing basis)
The exit: But the prudent player gets out instantly on trendlinebreak and waits to see if there is a correction to a gentler upsloping line or a trend reversal or a false alarm.
Fibonacci targets are used as reference but are not gospel. The retracement grid is semi-gospel.
Elliottwave numbering is conjecture but NOT gospel.
What's gospel? The high probability Trendline shown.
Let's see how it plays out.
Real-time or daily Forex trendline to come next week.