The closing of the 2:30 bar on the 60 minute chart saw that bar get the red-paint treatment. This indicates that both cycle-traps (price and tick) in their unsmoothed state are pointing down AND raw tick and RSI divergences have occurred in the past few bars. Add those four conditions to price being at the top of BOTH the 60 and 135 minute channels and we can safely say, it’s reversal time. – Oh, and there’s divergence on the 60 minute modified DMX too.
click chart to enlarge
click chart to enlarge
2 responses so far ↓
1 hope // Feb 9, 2009 at 9:51 pm
How does this fit within the solitude time scale, given the turning point based on that approach happens on 2/18? In other words, which of the methods do you give more significance to? Also, 2/9 on solitude was a “Buy” signal, which has turned out here as a “sell” signal.
2 Rrman // Feb 10, 2009 at 12:16 pm
good call on being done for a while how far down do you see us going to the bottom of the channel?
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