The market continues the climbing up trend, as predicted !
My predicted NASDAQ target remains unchanged, to date !
QID is heading to 20, as predicted before ! Below are some words quoted from the previous analysis post:
"I also believe QID will retest 30 very soon, if not tomorrow ! If 30 can not hold QID well, I think it will go to the next level, namely, 20. Remember, QLD found the bottom when it broke 20 ! I strongly believe QID will have a good chance to break 20 as well ! That's when the market may hit a real top !!!"
The nature is very beautiful ! So are the financial markets ! Many many beautiful patterns are formed during the market price movements. Among tons of beautiful patterns, symmetry is one of them. Moreover, symmetry is the simplest one ! Take NASDAQ's daily chart as an example:
1773 down to 1664 (~109)then
1664 up to 1767 (~103) then
1767 down to 1677 (~90) then
1677 up to 1879 (~202) then
1879 down to 1753 (~126)then
1753 up to 1861 (108) then
1861 down to 1727 (134) then
1727 up to ??
I bet you already observed the symmetry pattern: down always followed by up, up always followed by down. Isn't it very very beautiful !! This pattern is the basic and fundamental pattern I should notice when I am reading the chart !! In a simple sentence: "Every trend has a beginning and an end!" This is very very important for our trading and investing ! It tells us the absolute true thing about the market ! For example, now we can say, ABSOLUTELY for sure, the market's next wave is a down wave ! No doubt about it at all !!
So enjoying the beauty of the chart patterns can not only help us to understand the market very well but also to improve our trading skills !
Again, symmetry is the most fundamental and simplest pattern in the financial market charts.
I also took some profits today ! Every time the market goes up to a new higher level, I will take some profits on the longs !
Always remember:
- the market top only forms in the bullish up !
- the market bottom only forms in the bearish down !
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