View: SPY Three Peaks and a Domed House July 2012.jpg
SPY Three Peaks and a Domed House July 2012.jpg
3 Peaks and a Domed House setting up. Credit to Carl Futia blog for spotting this in April
This has got to be the most idiotic technical pattern ever. Most patterns are open to interpretation, but 29 points to match up is beyond my suspension of disbelief. Isn't this example invalidated by the fact that peak 15 is not higher than the "three peaks"? Of course it is. This BS is on par with EW and Astrology.
I think James Goode's interpretation on it is worth a look (he also found 15 examples since 1920). Emerging Markets already completed this pattern in late 2011. He posts sparsely but also has a more recent look at it in a May 2012 post.
AWESOME link, Mark; thank you! Great information.
Errr, I thought you name was "Mark" but it's "MarketGhost" - anywho, thanks, mystery-man!
One other thing - - this is a GREAT example of the kind of page that begs to have a Reminder set, as I have done.
Great link, Marketgostecho. Thanks for providing it. Thumbing through the examples clearly shows how this "pattern" is open to interpretation. It's almost as if someone picked the pattern based on the subsequent declines.
I wish this chart would give me dates..why not?
Thanks MarketGhost. If you plot the SPY on a weekly with MACD(12,26) it's diverging too
well, so much for that one.
NF6 you are exactly right. This type ofsubjective, right in retrospect twaddle gives TA a bad name