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"At the same time, a spike down to the trendline through the 2006 and 2009 lows would be a break of support which can often counter intuitively be a great time to buy. That is at 1.0 ish..."
here is that post, look at the chart posted then.
http://agoracom.com/ir/Noront/forums/discussion/topics/449349-5-year-weekly-not-v-chart/messages/1463221#message
here is the updated chart for today. rebounded off exactly where suggested.
http://www.glowfoto.com/static_image/05-141316L/8237/png/11/2010/img4/glowfoto
I would sure welcome volume and price from here, who knows...there are always other underlying pressures from other means that nothing can predict.
Going to the ten yr chart 1.09 looks like it has a lot of support, fib etc...., tested for 6 months now which has been close to the average monthly base at support before a large move. Not withstanding the 2008 low that took 9 months before a big move.
At the same time, a spike down to the trendline through the 2006 and 2009 lows would be a break of support which can often counter intuitively be a great time to buy. That is at 1.0 ish...
Who knows? Honestly....but if the pattern repeats, a huge spike in volume will accompany a breakout of the current fan line resistence.
Good luck!
http://www.glowfoto.com/static_image/31-115540L/3329/png/10/2010/img5/glowfoto
That is a thought, but to be honest with you, former highs count, so the real trendline is from 1.92 through the lower April high which intersects with the 1.24 low, aug 24 low and todays low. Duly tested imho.
As per an IHS, the most favourite set up for this patern for me is a broken downtrend that gives a new high off the low that is equal to or close to a former high within the downtrend.
The subsequent backtest of that downtrend can and often does establish a right shoulder.
An increase in price and volume from here can signify that traders have recognized the transition from downtrend to uptrend, this is simply how it works in my humble opinion.
Cheers,
per:
http://www.glowfoto.com/static_image/31-115020L/5848/png/08/2010/img5/glowfoto
Is this a possible Inverted Head and shoulders?
http://www.glowfoto.com/static_image/31-113159L/7984/png/08/2010/img6/glowfoto
looks like a weekly flag for the past 2 months, rsi is in the rally zone and macd is near breaking out of its downtrend. Short term downtrend has broken out on linear chart and is supporting the flag
as much as the past year or 3....longer has been a total let down, this pattern is holding water with the volume increase this week. A double of volume next week with coresponding price increase would really be a big deal imho. But who knows.
The funntmentals are building with goldcorps railway etc..
