Hi Folks
This is a follow-up on my normal chart analysis posted above.
After jousting with the Empress with no clothes most of last week I thought it was about time to revisit my previously discovered comparison chart which I have called bananas.
Why the name bananas? Because I was told by all and sundry "that you can't compare Bananas with Apples"
The reaction when I initially posted both charts for comparison was a little overwhelming. Talk about controversial to say the least.
I found that amazing as we are on a chart thread. Charting is all about recognition of various charting patterns appearing in the chart and what could happen next.
ABC waves ( retraces and extentions) , FIB's, head and shoulder peaks and bottoms , double peaks and bottoms, various types of gaps , gap filling , flags , support and resistance lines, C&H patterns, moving average cross-overs, MACD , RSI(5) , Stoch's and to me most importantly dead cat bounces (DCB).
If I am holding a stock that's running hot and I am looking to take some profits off the table. Trying to determine in a serious upsurge a good selling point is very difficult. So easy to miss out on the full upsurge.
That's where I use the DCB to sell ( I did so just recently). They are not difficult to identify as the size of the initial A-wave downwards is significant. Once it starts to bounce I use FIB's to determine a profit taking point. I never sell at the upsurge peak because who knows how big the surge is, but into the DCB is by far good enough.
Enough rambling, back to my bananas comparison chart. Originally I posted a long chart, it was controversial, then it occurred to me that if the pattern continues to fit that it could prove to be an aid to "Shorters". I don't like shorters at all. So I had my long term chart removed.
I am not foolish enough to believe that in the long term it will continue to tick the comparison boxes. When it breaks it will become obvious.
When? How long is a piece of string.
I have shorten my bananas chart so that the last candle represents next weeks potential apples action. The second last candle represents the week that has just played out and as I predicted another weekly red candle.
It's predicting another red weekly candle for BRN which will make 4 red candles following the 3 strong green candles.
It continues to tick all the boxes so far.
Peak, A-wave downwards, B-wave DCB and the start of the C-wave downward extention. It's the turning point that are important for comparison. Sorry about the size of the chart but If I try to reduce it loses definition and is unreadable.
BRN (apples) daily and weekly chart follow.
Lets see what plays out next week. As always DYOR
cheers Lies (the Liar, who can move BRN SP by his HC posts)
(20min delay)