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.

2 comments:

rcks said...

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]

Adsense said...

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