Interesting discussion re pivots; as some of u know I am an amateur at p/f's & learnt (and learning) from Totters but my observation is that when a p/f is "proven" by firstly testing support tine and then hitting the med tine within "the pivot" then you have a fairly solid p/f; one to be trusted and traded!! .... still fully testing my thoughts on this & will share any further thoughts. Any other thoughts?
re wpl ... happen to have done a bit of work on this and was fascinated to compare my p/f's with master totters & pleased we had some correlation (& I pinched one of his that I missed!!)
(see chart below)
Result of my ponderings & Thoughts:
1. interesting chart: lots happening
2. I had spotted what I thought was a head & shoulder late last year (marked by "H" & "S") ... don't know a lot about these (read about them once or twice & looked back at March 09 "lows" and they seemed very good for reverse h&s ... interestingly I found that the little charts on my iphone were very good for spotting these!!! LOL) but I show what I believe to be a target from the "shoulder" ... this had forecast a low of $38 ... did not got there & not 100% sure of my method here???
3. Interseting repeating "speed angle" shown by up sloping arrow ... this manifested as a MM recently accurately forecasting current price
4. pitchforks: a couple of longer term p/f's shown in grey (broken and solid) that align with T91's charts the pink and green p/f's (I show green for up trend and pink for d/t) are not shown on Totters charts and in particular the green p/f is interesting as it has "tested" support twice reinforcing its validity??
5. Last point: note MACD; its right on my l/t trend line ; will it bounce off it (-ive) or smash it (very bullish)
CONCLUSION: Chart showing lots of characteristics that seem to validate my (simple) TA and as is often the case, right now it is very interestingly poised: will it break MACD t/l and honour green p/f and head to med line .... or as T91 predicted will it head back down to the lt greay support tine?
