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Welcome and thank you for visiting!

The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
please read my full Disclaimer at this link.

Dots

...If the dots don't connect, gather more dots until they do...

Paris

Paris

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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...