LG: the standard box size on P&F for the SPX is 5...so the reversal on that size box chart would be 3 boxes to 1395, for a change in direction...shorter term..
i moved back to the 15 box size because of the large movements in this index to smooth the results..
on the 15 box size using the same 3 box reversal...you're talking 1365, for a major trend change...
and actually on the 15 box size chart if we moved back to 1365, this would set up this triangle i'm talking about, that could resolve either up or down...
but as a hedge, we piffers do not predict..i am just thinking out loud here, looking toward the FOMC on the 21st, figuring the street will sell it before, and then rally up after...setting up this potential triangle...
all just wild speculation<G>...but with the VIX so low here, and we are at the trend line..we could see a short selloff to "somewhere??""...next week,,,,maybe the first line at 1395???
regards OJ... |
