Cheers for the montly chart, i didnt see that either.. even with...

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Rx7driftking

8,142 Posts.

38

10/12/19

19:56

Post #: 41897850
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Originally posted by Juanita111: ↑

Thought I'd give it a shot...happy to hear comments/feedback.
From the HTF (mthly), after the sharp selloff in '08 and rebound testing the midpt of the vertical selloff, it has been in a wide TR for over 10yrs. In '15 it tested the selloff lows with a swell in volume, narrowing ranges and price action rounding out indicating potential buying taking place. This was confirmed with a SOS rally that followed (testing the TR high. The pullback showed weak selling on declining vol and made a HL and resumed the uptrend again with good EOM and wide ranges, breaking thru the TR high with expansion in volume (JAC). Moving to the wkly, it made a high after showing SOT and a 3-thrust pattern then pulled back to test the break with a fairly sharp move down with some good supply and prints a high volume spring of the April low to hold the break of the TR (BUEC) - our min objective would be the last swing high. It rallies with good EOM but makes a LH, however the pullback holds gains and makes a HL with a minor Spring and rallies to break through the objective, however the break is on reduced volume compared to the vol at the high in Jul, something to note. On the Daily, it has held a valid uptrend channel from the Aug low and successfully broke and tested the July high on the 2nd attempt after the initial attempt saw supply emerge at the high with a narrow range/high vol bar on 5/11 and another selloff with good volume, but held the trend channel DL and continued the rally however volume appears to be declining at this stage so again something to note. If the rally is to continue, the upside target would the the major daily trend channel SL. Any minor/intermediate pullback would want to see a hold of the swing high at 10.04 or the breakout level at 9.55 for the rally to continue. Any lower than this could result in a test around the 8.24 level and and even the high volume spring (mthly TR breakout).

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Cheers for the montly chart, i didnt see that either.. even with 8000 posts im still learning
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