How to determine base count?Here is a nice graphic showing how to determine base count and when to combine bases into a single pattern.
Sometimes its hard to know if it's a cup base or a double bottom, as in the case of the cup base #3 (Oct 2013).
I had to go back and watch the EPAM video from Jan 10, 2014 to figure out where the proper buy point was.
ibdtv.investors.com
BASE
CRM break up of consolidationThis cloud company was in descending channel in the first half of the year and erased most part of gains from 2013 but then regrouped and regained all key moving averages. With big, ignited, green candle it borke this short period of indecision and have built nice upper level base. Break above $58.63 could trigger an entry with stop below support of consolidation at $56.63. Target could be $63 where previous up trend was broken.
Gold dip accumulation After 2-months range was resolved to downside, Gold was sold off aggressively from $1,300 to $1,240 where it found support. With wide, ignited, green candle 3-days consolidations resistance at $1,248 was broken and now gold is showing some commitment and building nice upper-level base in front of local resistance at $1,257.5. Break above could attract more dip buyers with next target at $1,268 where 21 EMA lies on daily chart.
Also, we have intermidiate support at $1,252 whick was pierced for a while on noise (news) but buyers regained control really quickly.