Arm Holdings

Thanks guys. I agree that this is likely just a consolidation in the uptrend and that 766p could be a step too far. The nearest uptrend support is at 811.69 today, the 38 Fib at 807 and there's a support at 816 so that area would be my place to go long too.

PS Sometimes a break helps you see things in a different light. Also, as you can see from the charts I posted last night, I'm currently working through compiling a library of (initially) FTSE100 charts in alphabetical order. This is something I should have done years ago.

If this is an impulse wave, and this is a wave (( iv )) , then I would expect this to retrace to the 38.2% fib as shown on the chart. This would need a 100% extension of wave ( a ) or, if it is make the gap, then a 123.60% extension. Either way the bounce back above 814 should signal a good long opportunity for wave (( v )).

Good to see you posting again Jacko:)

Jack,
Good to see you back here...hope you are well my friend.

ARM - I have been watching this for some time and IMHO this is still on the bullish track, and the recent correction is a continuation pattern. Here is why I think so:

- there was a recent failure in the H&S pattern
- the sp is hovering in the 38% fib line of the recent breakout (650p) and the recent high (975 or near that) which you have clearly marked below.
- there was 4 days of support on this 959 number....

Not withstanding the possible market correction (I am trying to detach any other forces here), then I think this is a continuation pattern and we should see the downtrend line broken in the next coming days.

PS>>

I like the AAL charts. pretty old supports heh? and risk reward at the moment is very appealing. I like to go long if the trend line is broken. There is also a gap so that could be a good place to go long.

All the best and good to see you back here.

dl.dropboxusercontent.com/u/20815047/ARMdaily19_04_13.gif

Friday formed a hammer at this 859p support but it's not the first time at this support so it may be a bull trap despite the slight bullish RSI divergence. Perhaps a short at 903 trendline might target the first gap at 766. There are others below that too. Long on a close above that same trendline.

Similar movements to the FTSE IIRC too.

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dl.dropbox.com/u/4385922/ARM0505.png