Tag Archives: indu
Head and shoulders beheaded?
Posted on Jul 14, 2009 by WHC Bassetti.
Readers raise the question, do the last two days invalidate the head and shoulders? Not at all. The trendline from the top in June is intact, the pattern of lower highs and lower lows is intact and a few more days work on the right shoulder would add to symmetry.
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Some Wave thoughts…
Posted on Jul 09, 2009 by WHC Bassetti.
We coulda, shoulda, woulda commented in our last letter about an important feature of the Indu chart here. That is, a pattern of lower highs and lower lows has been established. It is not a downtrend of much strength yet. But the facts continue to pile up predicting lower prices.
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Where from here…
Posted on Jul 07, 2009 by WHC Bassetti.
To measure or not to measure, that is the question as Shakespeare said in Measure for Measure. Everyone knows how much we hate to measure formations. Few know the reason. Nonetheless it is worth discussing likely implications of the little head and shoulders formation here. It is 664 points deep with a neckline of 8214 making a likely minimum target for prices of 7549.
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Another sell signal…
Posted on Jul 02, 2009 by WHC Bassetti.
Today’s action broke the closing lows of 26 days, and constitutes a sell signal for us. Of course we already sold some time ago but for multi unit traders this would be an add on signal. The top chart shows the ominous combination of both the long term trend line and the 200 day moving average acting as double resistance. We would review all our longs and analyze the likely effect of an overdue downwave here. And we would certainly not be without well analyzed stops.
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Who’s afraid of the big bad 200 day moving average?
Posted on Jun 25, 2009 by WHC Bassetti.
The simplest, and simple-mindedest, moving average system is to buy when price crosses above the moving average and sell when price falls below the moving average. Of course in mule, or sideways, markets you get whipped like a stubborn mule — or the mule of the Marquis de Sade.
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Noted technical analyst WHC Bassetti has over 40 years' experience in the financial markets and is Malcom S.M. Watts III Adjunct Professor of Finance and Economics at Golden Gate University. He is editor of the Ninth Edition of Technical Analysis of Stock Trends, widely considered to be one of the true classics of market analysis.
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