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The Most Feared Pattern, the Flying Dragon, Confronts Traders 10/13/20

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The little overnight pullback hasn't amounted to much here at 4:30 AM ET.  The uptrend ran into resistance yesterday, but the current iteration of the hourly uptrend remains intact. It would need to end the 5-6 AM hour below 3515 to break anything. That trendline rises to 3525 in the market opening half hour. 

tvc_5b711134db2ed56c8e47c3410ed62694.png

I have no new 2-3 day or 5 day cycle projections yet. Yesterday's rally met all the upside projections. But if the market shifts into trending mode, which it appears to be doing, then it will keep going up without oscillating enough to extract projections. 

On the 30 minute chart, you can plainly see the flying dragon formation with all its fearsome implications. This is truly one of the most famous and most feared chart patterns of them all.  God help us all. 

tvc_30e66f5565792ec20db91709bf170aeb.png

 

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Of course the fact that nobody bothered to post yesterday--no one even bothered to look--is also pregnant with possibilities. It's like maybe the opposite of when FxFox shows up. 😄

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I have become a virtual hermit as a result of the virus and being in a country where I know virtually no one. All I do is work, develop a trading system to skim profits without working, and test it. With a measure of success, I might add. 

What was I saying? 

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Should have known that no posts and no one showing up yesterday was the top. Best contrary indicator there is. And when we have tons of posts and views, it's the bottom. Especially if Foxy shows up. 😄

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However, it's too early in the day for a sustained selloff. Since it can't happen this early, it will happen, 

Everything is opposite. 

 

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9 hours ago, DrStool said:

Of course the fact that nobody bothered to post yesterday--no one even bothered to look--is also pregnant with possibilities. It's like maybe the opposite of when FxFox shows up. 😄


i didn’t log in, but I did look.  

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