Here is a 30 minute bar chart showing the e-mini day session for the past two weeks. The blue rectangle is my current range estimate for today - 810-835. The dotted purple line is the support level at which I think this reaction will halt. It is at mid point support, roughly 803, defined by the reaction from 831 to 775 which ended last Monday.
Monday, April 06, 2009
Support at 803
Here is a 30 minute bar chart showing the e-mini day session for the past two weeks. The blue rectangle is my current range estimate for today - 810-835. The dotted purple line is the support level at which I think this reaction will halt. It is at mid point support, roughly 803, defined by the reaction from 831 to 775 which ended last Monday.
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2 comments:
Carl
From a wave perspective this drop can not drop below the top of wave 1 up 810.48 the high on 3/31 or there would be a pattern violation.
I could see travel down to your earlier target of 815 but below there I would worry about my count. Corrective waves should not correct the previous rise 100%.
Here is my count on stockchart chart.
[chart]stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=1&dy=0&i=p09650280677&a=102607533&r=7536[/chart]
Hi carl
here is an oddball statictic to think about . begining march 13th
and using the dow 30 minute bar chart also using only the actualy trading day time periods .there have been a total of 6 somewhat significant peaks between march 13 and april 2 . each decline has lasted for a time period of 24 to 26 , 30 minute bars , following each of these declines the dow went back up to a new high .
the last 26 30 bar low was todays lows . weather this time based trend continues remains to be seen
but it has been in effect since march 13th 2009
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