MIDAS Technical Analysis: A VWAP Approach to Trading and Investing in Today's Markets

The Foothill Pattern

Now look at the weekly bars chart of GLW over a wider timeframe, October 2004 through November 2005, shown in Figure 2.7. Support curves 1 and 2 behave in a way similar to the first several curves in Figure 2.6, both being broken shortly after prices started to rise. But in this example, we see something new with curve 3. Look at the region from the start of curve 3 on through March of 2005. This is the same date region that was covered in the daily bars chart in Figure 2.6, but on the weekly chart, the S curve, 3, behaves differently (more about that later in this chapter). Without putting MIDAS curves on this chart, this region wouldn't look particularly different from what preceded it. But curve 3 reveals a significant ...