Thursday, May 13, 2010

Let's Give This A Shot

An off the wall, Shanky style, what if scenario.

We all know the triangle apex point can ignite a reaction in price. See the orange triangle's apex and the flash crash and then the green triangle's apex and the recovery candle. Well, what if you stretch out the BD line from the lower triangle (that is being backtested right now) and the AC line from the upper triangle to form another apex point? That point happens late today or tomorrow near 1180 and might create a market spark. BB's are getting fairly narrow indicating volatility is coming. 60m is fairly overbought with 30m trying to give a sell signal but not confirming. Let's keep an eye on it to see if it produces anything. I'm not sure if this is some sort of "real" technical thingy I have never heard of or not. If not and something happens we'll call it Shanky's point. If not, just forget this post ever happened.