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Thread: Sirius XM Point & Figure Thread

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  1. #11
    Brandon Matthews is offline
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    Joined: Aug 2008 Location: Northeast Posts: 721
    Good observation. We won't know of a reversal until tomorrow. By rule you can only go 1 direction per day, and a new low was hit today. If it closes at .85 or better tomorrow, we can assume a reversal (as long as .65 is not hit intraday). The long straight line is called a pole. A low pole reversal is usually a very good trading opportunity. a 3 point reversal is a buy signal.

    Even if the long term downtrend continues, it could go as high as 1.35.

    8……………………………….……..1.65…( 8= August, 2008)

    O…………………………….…….…..1.60

    O…………………………….….……..1.55

    O…X…………………………….….…1.50

    O…X…O…X………X…………….…1.45 This is a double top at 1.45, indicating resistance to 1.50

    O…X…O…X…O….X…O………….1.40

    O…X…O…X…O….X…O………….1.35

    O……..O………O……...9………….1.26

    ………………………….….O..……….1.25 <-Sell Signal

    ..........................O..........1.20 <-Stop point recommendation

    ..........................O..........1.15

    ..........................O..........1.10

    ..........................O..........1.05

    ..........................O..........1.00

    ..........................O............95

    ..........................O............90

    ..........................O............88

    ..........................O............80

    ..........................O............75

    ..........................O............70 Low of Day
    Last edited by Brandon Matthews; 09-16-2008 at 09:03 PM.

  2. Ad Fairy Senior Member

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