Adventures in Technical Analysis, Apple Edition

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,

Mark

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.

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