Dow Theory Medium Term Trend Change Confirmation.
This post complements my earlier post made on 15/10 www.tradingview.com/symbols/ASX-MFG/.
It shows the bar where a medium term trend has changed from down to up.
It is a simple as drawing zig zag lines and noting the high and low points where CHANGE occurs.
This change, in the case with MFG, alerts us that the bears have lost control to bulls in the medium term.
Although the next higher timeframe trend( Long Term or 3rd Time Frame not shown) remains down change here means a counter-trend rally being underway.
Again, this post is for educational purposes only.
It shows the bar where a medium term trend has changed from down to up.
It is a simple as drawing zig zag lines and noting the high and low points where CHANGE occurs.
This change, in the case with MFG, alerts us that the bears have lost control to bulls in the medium term.
Although the next higher timeframe trend( Long Term or 3rd Time Frame not shown) remains down change here means a counter-trend rally being underway.
Again, this post is for educational purposes only.