3SOF

GIGM's results were good, but not good enough as the stock is overvalued in my opinion. You can read my full analysis on GIGM on this other thread: GIGM analysis

(later I'll merge the two threads)

Rather amazing "fractal" response (repeating pattern) to November earnings. 

The Fractal Response:

1. At August earnings, GIGM had broken out of a Symmetrical Triangle prior to earnings, but had a "Gap To Crap" Reversal response to good earnings. 

Volume was a heavy 4 million shares.

2. At November earnings, GIGM had broken out of a Symmetical Triangle (more like a Descending Triangle, the lows are so close, at 9.05 and 9.09) prior to earnings, then also had a "Gap to Crap" Reversal response to good earnings.

Volume was a heay 8 million shares.

After The "Gap To Crap" Reversal:

1. The August earnings "Gap To Crap" Reversal candle didn't break back below the Symmetrical Triangle breakout, then GIGM  bottomed two days later.

2. The November earnings "Gap To Crap" Reversal candle didn't break back below the BIG Symmetrical Triangle (purple trendline), nor did it break back below the Symmetrical Triangle/Descending Triangle breakout (blue down trendline).

NOTE: I "moved the chains" connecting Blue #1 and Blue #3, the down trendline coming off the 12.55 high, so that the October 23 candle wouldn't have its head cut off by the trendline.

The purple trendline from the May-September Symmetrical Triangle breakout comes in today at "about" 9.89.  I didn't calculate it exactly.

The blue down trendline comes in today at exactly 9.93178.

We'll see if the "fractal" behavior continues to repeat, by GIGM holding above those breakouts.

Somewhat surprisingly, despite how nasty yesterday's "Gap To Crap" Reversal candle was, 14.88 still is IN PLAY, as long as GIGM trades above the purple trendline.

Quote from: Melf Elf on November 10, 2006, 06:46:35 AM
The purple trendline from the May-September Symmetrical Triangle breakout comes in today at "about" 9.89.  I didn't calculate it exactly.

The blue down trendline comes in today at exactly 9.93178.

We'll see if the "fractal" behavior continues to repeat, by GIGM holding above those breakouts.

Bought GIGM at 9.91, in the middle of that support.  The low so far is the 9.89 support.

I wasn't expecting much more out of GIGM today, than a bang off DOUBLE support at 9.89-9.93, then, hopefully, a Bullish Hammer near yesterday's 10.13 close.

I'm not only pleasantly surprised by this morning's action, I'm stunned to see:

1. A "spike" bottom at DOUBLE support.

2. A rally back to the early high at 10.20, then an upside takeout of 10.20.

3. A quick rally to next resistance at 10.39.

4. A takeout of 10.39, to 10.47 a little after 10 AM.

5. A takeout of that 10.47 high just now...

For a stock that "should be" acting bullish, it is today!    

I "thought" that I had caught a low on October 24 when we first tested the top of the May-September Ascending Triangle, but I hadn't, and traded it twice for a very small gain. 

Grumble...grumble...grumble...     

The jury still is out, but this sure is looking like a successful re-test of DOUBLE pattern support.

In case it isn't a low, though, I'm going to sell some today, and put my stop on the remainder below this morning's low, which they're now showing as 4.88, to lock in a small gain on the the entire trade.

Basis the 5-Minute chart, we're working on a DOUBLE Bullish Inverse H&S pattern.

Pattern #1 - The neckline is 10.39 and 10.39.  That broke out, and put Target: 10.90 IN PLAY, as long as GIGM trades above 10.39.  Below that, like on this chart, the target goes ON HOLDl.

Pattern #2 - The neckline is 10.525 and this morning's high of 10.50.  A breakout puts a Target of 11.12 IN PLAY.

Quote from: Melf Elf on November 10, 2006, 11:14:28 AM
In case it isn't a low, though, I'm going to sell some today, and put my stop on the remainder below this morning's low, which they're now showing as 4.88, to lock in a small gain on the the entire trade.

The low of the Left Shoulder of Pattern #2 is 10.25.  This morning's reaction low off the second data point on the 10.39 neckline, also is 10.25.  That's the bottom of the Right Shoulder of Pattern #1, as well.

I'll sell 25% of the position on a print of 10.24, which would severely weaken the case for the DOUBLE Bullish Inverse H&S patterns.

Apologies for the "Chicken Scratch" writing on the chart.  I'm typing too much today.

Okay, there's a technical breakout of the DOUBLE Inverse H&S patterns (see last chart), as well as a print above the 10.525 high of the larger pattern.  Both targets are IN PLAY as long as GIGM trades above 10.50 for the larger pattern, and above 10.39 for the smaller pattern.

The low of the Right Shoulder in the larger pattern is 10.34, so I'll sell 25% of my position on a print of 10.33, instead of the 10.24, as previously posted.

Quote from: Melf Elf on November 10, 2006, 12:17:55 PM
The low of the Right Shoulder in the larger pattern is 10.34, so I'll sell 25% of my position on a print of 10.33, instead of the 10.24, as previously posted.

I almost got nicked on the dip to 10.35.  Whew! 

We now have a "possible" H&S Top on the 5-Minute!   

The neckline is 10.34 and 10.35.  The Shoulders are 10.52 which, ironically, was where the Bulish Inverse H&S breakout occurred.

GIGM is messing with my head here. 

We need to take out 10.52 to the UPSIDE.

Given the Bearish H&S Top possibility, I'll sell 50% on a print of 10.33.

GIGM currently is BID 10.51...10.52.

You know, this is looking like THREE Bullish Inverse H&S patterns.  I think I'm becoming delirious after staring at this thing all day.

   

The patterns broke out and went to 10.64, pulled back to 10.35, then looked like it was a H&S Top (last post), but 10.52 got taken out to the upside, and it now looks like an Ascending Triangle off the 10.35 low.

This is going to be real disappointing if 10.34-10.35 support gets taken down. 

I'll think positively.   

Yesterday's nasty Volume Reversal candle inclines me to sell some, but unless 10.33 gets printed before the close, I'm not selling 25% today, as planned. 

This chart (same as above) looks bullish, and the spike low this morning was off DOUBLE support, basis the daily chart. 

I'll hold.  I'll sell 25% on Monday if 10.33 gets printed.

Quote from: Melf Elf on November 10, 2006, 03:45:09 PM
unless 10.33 gets printed before the close, I'm not selling 25% today, as planned.

Jeepers!  They printed 10.34 on me, within seconds after that post!  

I had my hand on the "Sell Buzzer," and felt tha-at bullet fly right past my ear.

I'm still 100% long.  Whew!   

The pattern since 1:00PM on the 1-Minute chart is a W-Bottom.  There are SIX highs in the middle of it, at 10.57, so a print on Monday of 10.58 will be a breakout of another Bullish pattern.  Target: 10.81 would be IN PLAY.

EDIT: The target would be 10.79 IN PLAY.  Sorry.  Long-g-g day. 

Very important information about the Internet and Internet Gambing:

http://www.youtube.com/v/EQxI4bI09Nc

We don't have much longer 'till it all comes crashing down 

Good times...Jody

Exact, the problem with the tubes

and these are the people running the country ! idiots!
max

Frederick, Jody and Maxi,

I didn't see anything on Frederick's link, other than a sign up for something.  Could one of you give me a thumbnail summary.  Something like:

"You're totally screwed in your long position, Melf" would do.   

TIA