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Market Analysis Thread, DJIA - Bearish Butterfly Pattern in Welcome to Traders Laboratory; hi, i'm a newbie ... i found interesting pattern on DJIA chart. please comment ... more about butterfly pattern : ...
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DJIA - Bearish Butterfly Pattern  

  #1  
Old 10-20-2007, 08:41 AM
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hi, i'm a newbie ...
i found interesting pattern on DJIA chart.
please comment ...

more about butterfly pattern :
http://www.harmonictrader.com/price_patternsbfly.htm

regards,
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Re: DJIA - Bearish Butterfly Pattern  

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Old 10-20-2007, 10:43 AM
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I'd never heard of that particular pattern before, but what you've outlined isn't consistent with what is outlined on the site you gave for a bearish "butterfly" pattern. You've still got higher highs and higher lows here. If there was a confirmed break of the CURRENT price level (as it has just now come down to a support area) then I would be bearish. I'm currently still long these markets, though.

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Re: DJIA - Bearish Butterfly Pattern  

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Old 10-20-2007, 12:07 PM
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How about we just call it a red spinning top at resistance?





Much easier to see in my opinion.
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Re: DJIA - Bearish Butterfly Pattern  

  #4  
Old 11-02-2007, 01:20 AM
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I see a three dimensional triangle, not a butterfly

On a serious note, what kind of technical targets are possible with a pattern like this?
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Re: DJIA - Bearish Butterfly Pattern  

  #5  
Old 11-09-2007, 08:44 PM
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Well, support is broken now, so can anyone shed light on james gsx question above?
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