Every so often, one comes across a piece of technical analysis mumbo-jumbo
so glorious in its meaninglessness that one can only stand back in admiration,
as though it were a Leonardo painting or perhaps a magnificent skyscraper. Yesterday,
Gongloff found a
true classic of the genre:
Tuesday’s Large Range Extension on substantial volume left a buy signal
on Apple. On the heels of Monday’s slight break of the afore mentioned
triangle, Tuesday’s convincing breakout above the top of the pennant
triggered a Triangle Pendulum Buy Signal.
Note that the upper end of a Parallel Channel is in the low 130s.
This Square of Nine chart shows how 50, 83 and 123 resonate…
I’m particularly impressed by the Square of Nine charts (isn’t that a character
in some Star Trek spin-off?), if only because they really are indistinguishable
from astrology. If only these things had been combined with a double evening
star, or an exclamation
point on a doji star – but then there would be nothing left to look
forward to, I suppose.