Chart Pattern Extensions, page-33

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PeterKing

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09/07/17

13:46

Post #: 25753188
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Originally posted by Boomorbust ↑

I know I'm sounding a bit like a broken record and am still indescisive on which way the price will go. My concern is the two month wait for commercial contract talks and how that will impact direction.

We will know by latest Weds if the ATBCP (Ascending Triangle Bullish Continuation Pattern) fails and SAS is going back to test support at 18c. 2 months is a bit of a wait so weakness may win out. We don't know yet.

But.. if we consider that the pattern can be reshaped (pattern extensions) based on price action.. and SAS does go back to 18c.. then the bottom grey line CAN move down along two price points (one at the origination point at 15c & one at the new 18c touch point) whereby the bottom line ignores the 18c touch point at the time of accumulation at the gap fill (as per current chart) and flattens out more closely matching the descent of the top grey pattern line (but in reverse as it is still ascending just at a reduced angle).

So if we future predict in our head for a moment that price goes down to test 18c and we draw that new base line in place the pattern reverts back to a STBCP (Symmetrical Triangle Bullish Continuation Pattern) and buys us extra time to take that move back up through 21c test and further on up to retest a proper break of 26c (I.e on Volume and a candle that closes on or above the descending top grey pattern line.)

If 18c support fails then 15c comes into play. If that happens there is no bullish pattern left as all you are left with is a flat line at 15c and a rather large ranging window between 15c & 26c.. that truly kills the upside target and SAS will feel like she's adrift at sea. I give a very very small chance that 15c will be seen at all.

So all is not lost if price moves to 18c as it's still a bullish pattern (reverts back to the original STBCP) and the upside target remains in play at 36-38c. It will just take longer.

I hope I'm not confusing people too much. Here's what I mean.. pink line. Then there's two touch points at top line and two touch points at baseline still angling in at a longer timeframed version of the initial pattern being the STBCP.

Sounds like a load of rubbish? Maybe. Maybe not.

My last post until I see which direction SAS goes.

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SAS Price at posting: 21.0¢ Sentiment: Buy Disclosure: Held
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Chart Pattern Extensions, page-33

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