Reply to David Plonk,
Message 15490591
Thank You David,
There was not that much responce...., 6 people.
If you can call market timers..., Folks. <smile>
I've got a target level set a little differently.
I take the high in 1998, and the low in 1998 Oct as significant market events.
I take the high on 1/14/2000 as a significant event and also the low on 3/13/2000.
From 1/14/2000-high:
Target retracements off 98 high gives 10,150 and a .618, and off 98 low a .318 at 10,100.
These are the rough base marks for this entire formation, and I expect a bounce off these areas into 20th. The DJIA held this today at 10,166.
Because I don't believe the large houses want the market to break out to the downside, they will support any move up and off the lower boundaries and expect the public to follow. Any failure to rise out of this pattern would open the door for significantly lower prices.
Using low on 3/13/2000 as a .318, these lower targets are:
.500 = 9000
.618 = 8325
100% = 6325
So this pattern is doomed on any bad news.
The market held the lower trend line of the diamond pattern on March 12th, although closing below it, and also breaking the latest rectangular coil.
This..., along with the forward median line on the SPX, should give us a move up and final move higher. With end of this formation coming on or after March 20th. |
