This narrow "Line" pattern (please refer to your copy of Edwards & Magee) has lasted more than 2 weeks, having started on 7/14. This is an unusually long timeframe for such a narrow trading range.
John Bollinger has noted on Facebook that his "bands" are extremely constricted and that such a constricted band pattern is what typically happens before the market makes a big move.
Also of note on this 45-minute chart is the "Brexit" sell-off and the powerful post-Brexit rally, which featured an extraordinarily positive Advance/Decline breadth measures. Those readings lead us to think that the continuation out of the Line pattern will be to the upside.
But, a look at the calendar confirms that yes, we are now entering August, a cruel month in recent years and one in which many major market tops have been put in place including the one in 1987.
I guess the conclusion I should come to is that I should be bullish on volatility since I don't know which direction the market is going to move out of this period of reduced volatility.
John Bollinger has noted on Facebook that his "bands" are extremely constricted and that such a constricted band pattern is what typically happens before the market makes a big move.
Also of note on this 45-minute chart is the "Brexit" sell-off and the powerful post-Brexit rally, which featured an extraordinarily positive Advance/Decline breadth measures. Those readings lead us to think that the continuation out of the Line pattern will be to the upside.
But, a look at the calendar confirms that yes, we are now entering August, a cruel month in recent years and one in which many major market tops have been put in place including the one in 1987.
I guess the conclusion I should come to is that I should be bullish on volatility since I don't know which direction the market is going to move out of this period of reduced volatility.
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