Please ignore the long tails around 10:12 to 10:15. Another tip off (see below) that the upthrust would fail was the steepness of the approach to 10:15. It looks like a small blow off top, hence we are not surprised and act on the climactic volume at 10:15 or the upthrust/key reversal at 110.92. This is not impossible, I did it in real time.
After the top is the ease of movement up or down?On the pnf chart the market is supported at 109.68 on 5 occasions . The market has little ease of movement on the advance after the last time for the remainder of the day. The line of least resistance remains down.
Today was an obvious upthrust of the 110.31 high, clearing it by approximately 0.5 points. Today we are going to look at a few indications that the upthrust would turn the market. If one can do this successfully it is possible to take very large positons with very small risk. Today for example on the upthrust, I took on a nice size position, which perhaps I will regret still having for 0.15 cents per share risk!
Today was an obvious upthrust of the 110.31 high, clearing it by approximately 0.5 points. Today we are going to look at a few indications that the upthrust would turn the market. If one can do this successfully it is possible to take very large positons with very small risk. Today for example on the upthrust, I took on a nice size position, which perhaps I will regret still having for 0.15 cents per share risk!In the chart below please ignore the long tails on two of the lines after 10am. I don't believe the market opened at new highs. At 9:55 the market began to move up sharply. Notice how few of the bars closed near their extreme high. Here is a break to new highs and short covering and only the last bar closed pretty much on its extremity. There was very heavy selling into the bars which kept their close off of its highs. So we are ready when the key reversal bar comes to pull the trigger.
