As of 12/06/2024
Indus: 44,643 -123.19 -0.3%
Trans: 16,879 -97.04 -0.6%
Utils: 1,036 -11.79 -1.1%
Nasdaq: 19,860 +159.51 +0.8%
S&P 500: 6,090 +15.16 +0.2%
|
YTD
+18.4%
+6.2%
+17.4%
+32.3%
+27.7%
|
44,000 or 46,000 by 12/15/2024
17,025 or 18,000 by 12/15/2024
1,025 or 1,100 by 12/15/2024
20,000 or 18,500 by 12/15/2024
6,200 or 5,900 by 12/15/2024
|
As of 12/06/2024
Indus: 44,643 -123.19 -0.3%
Trans: 16,879 -97.04 -0.6%
Utils: 1,036 -11.79 -1.1%
Nasdaq: 19,860 +159.51 +0.8%
S&P 500: 6,090 +15.16 +0.2%
|
YTD
+18.4%
+6.2%
+17.4%
+32.3%
+27.7%
| |
44,000 or 46,000 by 12/15/2024
17,025 or 18,000 by 12/15/2024
1,025 or 1,100 by 12/15/2024
20,000 or 18,500 by 12/15/2024
6,200 or 5,900 by 12/15/2024
| ||
My book, Getting Started in Chart Patterns, Second Edition, pictured on the left, discusses partial rises and declines starting on page 207.
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This article discusses how to predict the breakout direction from some chart patterns.
With some chart patterns, determining the breakout direction is easier than with other chart patterns. Let's take a look at broadening tops.
The chart of Apple Computer (AAPL) shows a broadening top chart pattern. There are a number of identification guidelines that help with identification. They are:
The chart shows a partial decline. Once the broadening top has passed the identification guidelines (meaning only begin looking for a partial rise or decline after point 2 in this case, since bottoms 4, 5, and 6 were made earlier) then watch for price to drop from the top trendline but not make it down to the lower trendline. In broadening tops, these partial decline correctly predict an immediate upward breakout 72% of the time.
In this example, the breakout was not immediate as the partial decline predicted, even though it correctly signaled an upward breakout. It took another move down before price recovered and broke out upward.
You can review the links for more information on these pre-breakout features. You will find partial rises and declines helpful in all varieties of broadening patterns as well as rectangles and even triangles.
The following patterns show partial rises and declines
-- Thomas Bulkowski
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