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Broadening

NQ Broadening TopThe NQ is making a broadening top pattern. This is not a bearish or bullish pattern, since it trends upward 49.6% of the time and downward 50.3% of time. It has a nice look, where price was trending upward 6 months leading into the pattern, with downward sloping volume. To pick a top in this market is dangerous, with the low volume grind. I am looking for clear resistance at the top TL, where the previous days low is violated on a strong daily close. However, I believe the markets could try to close towards highs leading into Trump´s inauguration, with price at highs or near them. After that it´s anyones guess. This is also the week before opex, so we could see a Thursday / Friday low? All bs at the moment. However, if next week is like all the other days in the election cycle for Trump, I would not be surprised if next week is an upside bias week. Notes on chart Go to bulkowski for good information on broadening tops at thepatternsite dot com
CME_MINI:NQ1!
by elp
5
$FB - The thumbs are pointing downwardThe FB daily shows a coil around the point of control in the 114s. A break north of the coil on weak volume, paired w/ a flat RSI, and MACD negative divergence indicate a potential reversal back into the coil. If the support in the 113s holds, the coil should then break north again. If it fails, it could result in a possible bow draw reversal of the coil, at which the next level of notable support is A move to that degree could result in a possible draw reversal to the lower support in the mid 109s. Target area highlighted in yellow, which is also the .5 - .618 fibonacci levels.
NASDAQ:METAShort
by TraderMentality
AUDUSD update Symmetrical Broadening BottomUpdate : Look bulish at the moment The classic strategy (1): Entry: Take a long position at the breakout of the resistance starting from the fifth rotation and if the price is on the higher third of its annual range Stop: The stop is placed below the resistance Target: Theoretical target of the pattern Advantage: Strong probability to win Disadvantage: Bearish breakouts have more potential than bullish breakouts The classic strategy (2): Entry: Take a short position at the breakout of the support starting from the fifth rotation and if the price is on the lowest third of its annual range Stop: The stop is placed above the support Target: Theoretical target of the pattern Advantage: Strong probability to win Disadvantage: - The aggressive strategy : Entry: Take a long position at the contact with the support and a short position at the contact with the resistance Stop: The stop is placed below/above the last lowest/highest Target: Opposite band of the triangle Advantage: It could have many rotations Disadvantage: At its beginning, the pattern is hard to see
by F
Inverted Cup and Handle Top or Descending Broadening Wedge?As many of you know United States and Japan's diplomats have been working on the Trans-Pacific Trade Agreement TPP. Trans-Pacific Partnership (TPP) is an ambitious plan for a free trade agreement among 12 countries which, if realized, could cover 40 percent of global GDP. It is a key plank in President Obama's foreign policy, and an effort to anchor the US firmly to a region that is increasingly feeling the pull of Beijing's mighty economy. But huge sticking points remain, with the US and Japan -- the world's first and third largest economies -- fighting to protect important domestic industries. Washington and many of the other parties to the talks -- which also involve Chile, Mexico, Canada and several Asian countries -- say Japan's unwillingness to open its lucrative agricultural market is a deal-breaker. Below is a news brief on the situation. "US Trade Representative Michael Forman and his Japanese counterpart Akira Amari said 18 hours of discussions had done little to reduce the "distance" between them, especially on farm and auto products. We agreed today that our negotiators will continue until the end of the week (with) the discussion on agriculture and autos" Gridlock between Japan and United States has shaped the charts in a unique way. Chart Pattern Near Term Descending (Falling) Broadening Wedge For the past few weeks, as many of you know from Trading View’s message board, I have posted the descending (aka falling) broadening wedge pattern. The pattern has worked perfectly and looks to be ending soon. As you can see on our chart, the falling wedge has kept closer to inside descending support line in recent weeks. This could mean that we will react in opposite manner, and the falling pattern would elongate to our upper resistance (thick black descending line) shaping a handle, or the pattern is breaking down and will speed up to the downside. I posted likely key support area's using a Fibonacci extension from important tops and bottoms from the descending wedge pattern. Big Picture Cup and Handle Top Pattern (6 month Cup) Neckline 84.00 (horizontal) to 83.00 (following descending support; 0 to -2.5 degrees) Possible Secondary Deeper Neckline at 83.00 to 82.00 (following descending support; -2.5 to -6 degrees) Measured Target(s) 79.13 , 77.33 and 76.06 If we look at our related event between Japan and U.S. that is triggering the pattern we have shaped, and with an optimistic outcome next week, we should see our bottom somewhere near those necklines I posted above. I would also expect a possible breakout above the handle(s) I charted, rendering the cup and handle a busted pattern and the broadening wedge as a breakout. However, without a deal between the U.S. and Japan next week. I would think the market could quickly turn negative and we could fulfill the measured targets I mentioned above, measured target(s) 79.13 , 77.33 and 76.06
NASDAQ:QQQLong
by QuantitativeExhaustion
10