hi johnh y y hi jd Hi John, dca and len I hoped u passed has joined the Chat Room how was the quiz? hi MM hi all hi all and maurice - hi stevel --> has joined the Chat Room hi mm hi lm good quiz hello MM hi the more u do charts challenging test; great the more adapt u get at wyckoff --> has joined the Chat Room hi greg true evening all hi greg yes david.. can't wait to feel confident in a mess like you sent us lol well do u have the quiz in front of u lol don't worry y yes y y --> has left the Chat Room y y y y --> has joined the Chat Room hi ctn okay hello everyone I will let david discuss it --> has joined the Chat Room hi ctn and dennis hi cd it was on the archve site hi cdavid but I want your answers first Hi CTN, greg, cdavid and steve so please tell us what u see hi mm okay, gary hi jd, greg, mm, everyone lower lets look at the first day after Day 2, what do we know about Day 1 --> has joined the Chat Room anyone care to say hi scott it was an upthrust it was a reversal upthrust supply came in upthrust you are all right Hey, jd upthrust from Nove resistance failed retest an upthrust we did not know it was an upthrust and we saw no evidence one would occur but day 2 was agressively bearish, why --> has joined the Chat Room hi holland supply came in volume was light hi holland Hello everyone supply showed itself low close a reaction from creek with higher volume hi holland yes, some supply; but something else about this day --> has joined the Chat Room lare range but high could not go above previous day's close - closed on lows with higher volume than previous day low close large range for the upthrust showing lack of demand by the low close closed at low right, mm closed on low and below low of the previous day---that is important --> has left the Chat Room oooh mm, you've3 been paying attention in class :) a bearish reversal negated all of day 1 no greg - i failed what happened on day 3 --> has joined the Chat Room what does it mean narrow range, steady close little downward progress lower high and lower low longs covered even though closed on high - small range - closed lower than last 4 days yes but little downward progress tested near term support from week of Oct 23 very little volume with poor close it wasnt a poor close; the market found a little support maybe bargain hunters who still believe going higher and dont know what an upthrust is what is the message of day 4 small range - close halfway but still within channel - small volume mid-range close right, mm close in middle small vol therefore weak Day 5 what happens here doesn't sound to me like you failed mm :) easy downward movement closed near lows and below previous 6 closes - small volume - closed within channel lower low/high low vol weak close y,mm sellers in control --> has joined the Chat Room day 6 the upthrust shortens a little evidenced by narrower price range --> has joined the Chat Room hey zack Hi folks hi len what is day 7 essentially the same thing on day 6 as day 5.....weakness outside day but with low close light vol lower close than previous 7 closes - low volume - still in downtrend channel - day 7 yes, weakness right eddie --> has left the Chat Room outside day: I call it key reversal outside bar with low close very bearish action sellers still incontrol right dca hi john day 8 the mkt bounces how do you view it inside day small range light vol low close is it strong David, it was already going down. Reversal? right edie, youre reading the tape went above little support area (now resistance) and closed on lows - inside day no, maurice not enough to call a reversal inside day so inconclusive on day 8 just a weak rally I mean #7 not inconclusive; weak day 7 is continuation of downtrend, right what happens on day 9 closed below new resistance area on higher volume higher range day down with low close at mid Oct support higher vol gap, all of you are right, good also notice the amount of volume when a mkt comes back to test the bottom of a trading range on increased vol average range, huge vol, closed at it low for the day at the support, therefore a major battle between buyers and sellers with sellers winning due to close. beware of a washout or a new low I would say a major victory; supply overcoming demand no reaction off suppor right Day 10, what is it closed on high but small volume and below new resistance area - inside day --> has joined the Chat Room --> has joined the Chat Room inside day, modest correction another inside day higher close low vol anything positive about day 10 n hey kent & guestx only one thing would concern me close at te top hi close top of range hi john lack of follow thru on downside after the previous day finally only took 20 min hello what is the message after day 11? hi guestx everyone should know ok - gotta remember that higher range day with higher high/low but relative low vol Went above resistance area but closed on the lows and still in channel yes, Eddie but look at the position of the close a little larger range, above average vol. some demand came in and pushed it to top of trading range but supply took over and closed it at the low for the day...sign of weakness. right, mm also top of down channel sellers have upper hand right Mike the sellers are still in control: the rally obviously encountered selling good Day 12 what does it mean is it SOT? broke through larger support area and closed below it - good volume is this SOW? --> has left the Chat Room gap down small range lower high/low breaking of ice high vol right, mm not a small range, eddie, when you consider the gap --> has joined the Chat Room ok the sellers are overcoming the buyers and broke below the trading range they are in total control; they have won Day 13: the message higher range day down forming 5 month low close high vol sellers in control went retest new resistance are butg closed on lows below cannel line with good volume Supply in charge little demand large range sellers in control all of you are right, good right jd --> has joined the Chat Room if you were short at the close of day 13, where would you put your stop? hi joe anyone? Scoot Zakcy! Hey guys! Ladies! Hope you all realize I'm missing "Married by America" lol hi JIK above 11 above the 92 area, i think - last resistance at the top of the gap a bit above the high of day 11 above day 11 hi hobo right above support above day 10 I agree day 11 is a good spot but what happens on day 14 demand surfaces short covering closes gap above Oct supp/resist higher high/low with lower vol high close took out stops above support line closed above resistance area on less volume than previous day - still in channel the sellers had total control, right no n yet on day 14, the market closed above the highs of day 13 and 12 would that make you feel comfortable n higher hi & low but weak vol not strong commitment by buyers all of the selling has been erased yes and top of channel is maintaining resistance n no looking for possible disruption --> has joined the Chat Room but the reversal and close above the previous days highs makes me consider a spring ok why right for the first time I see that the sellers have really lost an advantage the lack of downward follow through is the key here - especially since we have washed out the October low you would consider that one move to change your mind if this were in midstream of a downwave it wouldnt be as significant but washing out a trading range and reversing to negate all of this supply says watch out for a spring but isn't there enough cause for further drop Day 15: what happens ok - thanks I don't know about cause Guestx; I am reading the bar chart alone supply battling with demand closes low right sellers in control but did not take out low the sellers are still present outside day, close near low they are not backing away plateau top with day 14 but close below supp light vol went test resistance again but could not close above it - closed on lows - still in channel - i thought this maybe meant absorbing demand - here I went wrong do you see what I mean JohnH? y I thought so too MM :) just a mirror image of prev day not so much downward movement Now day 16 what do you see vol up lower high supply held firm how do you characterize it --> has left the Chat Room closed below resistance area - still in downtrend channel close below supp a little higher vol you are missing something Yea, I made an error with day 17; made a lowwer low, but closed above previous low. bullish look at the position of the close lower low with little more volume lower end of price range right, maurice lower high/low and a close near the low close is in midrange mkt tried to go down but sellers couldn't hold it so bobbed back off low oops wrong day this to me has the look of a secondary test but bolume is not ideal in that didnt dry up is this day 17 y y thx even though the vol didnt dry up the actin speaks more of a Secondary Test of a potential spring now we come to Day 18 & 19 what do they mean? lets recap the situation inside day - failed to break through channel - closed on lows - day 18 - same for day 19 - here i am wrong small range days lower vol low close supply might be going away day 18 vol decr price action narrow close in lower range supply still present yes we have narrow price ranges with modes volume last 5 days closing prices close--offers support hasn't broken thru resist good point sid, very good all of the closes are bunching together yes, sid absorption underscores the mkt's unwillingness to go down I wouldnt call it absorption per se is this called absorption I can see how you would call it that it is all right the key is the mkt inability to go down at the danger point it looks like a tightening coil but no SOS yet the narrowing of the price range on 18 and 19 says on the springboard. this is the point to make the bet and go long no, not yet, Eddie horizontal like thru last 5 days meets downtrend line it comes on the next day like a man stepping into a covey of quail closing prices whoosh upward about 5 points what do you mean, sid? then, can one call day 13 an SC? I see that eddie but the price vol behavior more important it looks like the supply is being absorbed but it hovers below support no, scott horizontal line thru closing prices meets downtrend line think sc came earlier day 13 is a failed breakdown it is a washout that did not follow through right, mm, sc in Oct this is the beginning of the spring gary, any comments? another good point, sid thx :) any questions? after the gap mid Oct was that prelim supply around the 16th? great analysis, I'll need to go back and review this yes most impressive thks I hope Multicity doesn't lose this... I need some clarification on Price action and price range is it based on hi - low or open and close no - but was great - just hope next time i realize what it ALL means hi and low just delete what I sent ya david lol thanks David good stuff don't worry thanks what am I doing here is mm, you the mam! How many were like me and said more down trying to think logically about the range, close and volume i did me too. thanks David lol, cdavid i thot more down after sideways the lines are important but the range, close andvolume are critical Thanks for this test David. I learned a lot; Will you do it more please :) can we do more of these quizs maybe, maurice maybe once a month if gary wants thank you david - I got a lot out of this quiz on the CD there's a chart of Acclaim Entertainment that has similar price action thanks david gary wants great! Thanks David thanks david if you read my synopsis, my thoughts will be clearer once a month is plenty -- not enough brain cells for more than that :) so you cheated, eddie! lol lol where do you get your synopsis 31 Jan 91 - 31 Jul 91 I can't wait to read this again... will you be doing the analysis Gary? I think gary will post it tomorrow yea it helped alot :) good that will work knock, knock Gary are you there thanks i missed the first 20 min cudn't get in i am here I do hope this log posts I am just listening i tried to cheat by finding the stock but couldn't find it - had looked at ibm but not far enough back Me too, guestx I can see most of you are on the right track mm! well, gotta try! :) good try mm --> has left the Chat Room thanks, side but will to do better next time and get it right try u bet Zack give MM the hat and let him know when he's out of the corner