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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Thursday, October 06, 2011

Perspective...

A nice feature of Prophet charts is the ability to turn my charts "upside down." It can help me to see potential targets more clearly.

Below is a 60 min chart of the Russell 2000. Price stopped today at an important down trendline resistance level of 673.00.


If I turn this chart "upside down" as shown below, it appears as though if price can break through this trendline and hold, it has a good chance of making it back to the next level of 695.00 or even 720.00 again...otherwise, it may re-test the 650.00 level before making its next move, or make a lower low (higher high on this chart) and continue in its bearish downtrend.


Perspective...it's all in how you see it...


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