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Bulkowski's Blog Archive: ITB

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As of 04/23/2019
  Industrials: 26,656 +145.34 +0.5%  
  Transports: 11,003 +26.03 +0.2%  
  Utilities: 773 +1.99 +0.3%  
  Nasdaq: 8,121 +105.55 +1.3%  
  S&P 500: 2,934 +25.71 +0.9%  
YTD
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 +20.0%  
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 +17.0%  
  Tom's Targets    Overview: 04/12/2019  
  Up arrow26,900 or 25,500 by 05/01/2019
  Up arrow11,200 or 10,500 by 05/01/2019
  Up arrow825 or 755 by 05/01/2019
  Up arrow8,250 or 7,850 by 05/15/2019
  Up arrow2,975 or 2,800 by 05/01/2019
As of 04/23/2019
  Industrials: 26,656 +145.34 +0.5%  
  Transports: 11,003 +26.03 +0.2%  
  Utilities: 773 +1.99 +0.3%  
  Nasdaq: 8,121 +105.55 +1.3%  
  S&P 500: 2,934 +25.71 +0.9%  
YTD
 +14.3%  
 +20.0%  
 +8.4%  
 +22.4%  
 +17.0%  
  Tom's Targets    Overview: 04/12/2019  
  Up arrow26,900 or 25,500 by 05/01/2019
  Up arrow11,200 or 10,500 by 05/01/2019
  Up arrow825 or 755 by 05/01/2019
  Up arrow8,250 or 7,850 by 05/15/2019
  Up arrow2,975 or 2,800 by 05/01/2019

Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.

 

Blog Posting: February 19, 2008, Home Construction

The DJ US home construction index fund

Shown in the figure is the DJ US home construction index fund (ITB). To the right of the red line is how a head-and-shoulders bottom would look, if the index plays out like I think it might. Price will continue lower for a week or two and then turn up, leaving a right shoulder to print on the chart. The up turn at the right shoulder low might be called by additional FED lowering of interest rates or some other event.

Why a head-and-shoulders bottom? From the shape of the left shoulder valley (LS) to the sweeping move up and then down again to the head, it just looks like it's aching to form a mirror of the left shoulder on the right side. This is a guess, of course, but in the absence of anything else, it will have to do.

 

 

 

Top 

ITB Aftermath

The stock of the home construction index fund on the daily scale

If you look closely at the first (top most) chart on this page, you can see where I copied the price movement to the right of the red line from the left, starting in mid November, at about $19.

The bottom chart shows how the stock actually behaved. While not an exact match, it sure is close. This "mirroring" (across the red line) is a technique that may turn up some interesting and amazing predictions, as in this case.

-- Thomas Bulkowski

 

 

 

See Also

 

Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners. Adam and Eve virus: Takes a couple of bytes out of your Apple.