This past week has made a lot of things clear, leading to major updates of both the short term chart (daily bars) and intermediate term chart (weekly bars).

The first chart here is the short term daily bars chart, updated from last week’s post.  I’ve removed a number of things on the chart that are no longer significant in order to reduce clutter.  The dotted purple curve is the TopFinder that we’ve been following for a few weeks now.  It ended during a brief consolidation.  On Tuesday of this past week, price started a strong upmove, and on Wednesday it broke out above the consolidation range and kept moving.  So, we’re in a longer up trend than was identified by the old TopFinder.  This does not mean that the older one was invalid or that this methodology has somehow failed.  The older TopFinder tracked a shorter term trend that ended in a brief consolidation.  We see now that this older trend is embedded in a longer term uptrend.  This embedding is a common occurrence, illustrating the fractal nature of the market.

It makes sense now to move the identification of S4 to start from the Jan. 10th low at the arrow.  That low is quite significant, so now I’ve fitted a new TopFinder to that low, starting at the same Nov. 29th low as the last one, and it’s shown in the solid purple curve.  It’s projected total cumulative volume is 15.84 million shares, of which 13.43 million have already transpired, meaning it’s 84.8% complete.  The projected horizontal location of the end of this trend is at the dashed purple vertical line, implying that it’s got about another week to go.

The second chart here is the intermediate term weekly bars chart.  The last time I showed this chart was last year in my Nov. 29th post, and I suggest you scroll down to have a look at that.  In today’s update of this chart, I have also removed a lot of now extraneous chart elements to reduce clutter, and am focusing on the last 12.5 months.  It’s obvious that we’re in a powerful uptrend that started on Sept. 3rd of last year, and this uptrend is far from finished, having spawned only two Midas support curves so far, S1 & S2.  I’ve fitted a TopFinder to the pullback of Dec. 3rd which is projecting a cumulative volume length of 61 million shares, of which 41.1 million have already transpired, meaning that this uptrend is 67.4% done.  The projected horizontal location of its end is at the dashed purple line, implying approximately two more months to go.

These two TopFinders, the one on the daily bars chart and the one on the weekly bars chart, are not inconsistent.  Each is addressing a different uptrend on a different timeframe.

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