Quote from: JayJuanGee on March 27, 2014, 05:56:48 PM

Quote from: oda.krell on March 27, 2014, 04:37:04 PM

Quote from: Zapffe on March 27, 2014, 04:34:43 PM

Quote from: oda.krell on March 27, 2014, 04:29:18 PM

So... we finally looking into the bigger triangle yet for support?

[...]

Quickly, draw more lines... draw also ones that point up.. that will surely make the price rise! This has been the general sentiment in this forum, so it has to work!

That's a fancy way of saying you don't understand my chart, or which conclusions you should draw from it.

I certainly would NOT claim to understand your chart, either.... or any of the charts that are frequently depicted in this thread b/c I remain unclear about frequently why a chart would start at some seemingly random place in the middle....

Sometimes, however, there is some explanation about the chart that makes sense b/c it is merely describing past recent performance... and of course, I am NOT doubting that there can be some valid contributions of the chart to provide some perspective in that regard - even though it may NOT spell certainty about what's coming next and approximately when it will be coming....

The chart I posted consisted of 2 (or maybe 2.5) descending triangles. The question exactly how "arbitrary" they are is valid in principle, but if you look at it you will note the lines aren't drawn completely out of the blue: the major descending line has 6, maybe 7 points of contact with daily price candles, to a pretty remarkable degree of accuracy. You can certainly question the validity and staying power of that downtrend (since the December ATH), but trading on it sure turned out to be profitable in the past weeks. At some point that trendline *will* be broken, I'm sure, but so far it hasn't happened (with any kind of volume as well).

The lower lines that form the smaller triangle run through the pretty well established support at ~520, slightly ascending perhaps. I said "2.5 triangles" because to me it looks like there are 2 levels of support running close to each other, but they aren't much apart, so many in this forum put the two lines together as one lower trendline. The trend lines of the smaller triangle are about to touch, and we either have to go up or down (breaking out towards the upside, or the downside), that's the trivially true part.

Now, today, we broke through the 520 support trend line (that marked the smaller triangle), although we're currently resting above it, which is not a bad sign. My chart was intended to raise the question: will we "break" the smaller triangle to the downside (i.e. go below 520, then 500), or rather: did we just break out to the downside, and will we perhaps, in the following weeks look for resistance/support in the larger triangle (that lasts into May 2014).

Here's the chart again: