not sure if you've seen these, i thought they had been presented here already, not predicting or promoting that guy's spam, but here they are nonetheless
chartwerx.com
intraday 1 shows the dow weekly, i've seen this presented as a head and shoulders pattern, looks kinda sloppy to me, but the dotted lines on the chart present possible necklines, using the h and s projection method, would indicate a drop of nearly 3000 pts.
intraday 2 shows the spx head and shoulders, now made famous by even barron's i believe. the thick gray line is the neckline and projects roughly a 500 pt drop as a target from here. the troubling part is the retest of the neckline stopped the last bounce. in order to negate the pattern, we would have to break the long term downtrendline illustrated in a thicker blue color which connects the head to the shoulder by theory.
intraday 3 is the compq chart. the first white arrow represents october 96, where i think we are now in terms of support. you can see the tail down to 1125 that may also provide support. further down the two blue arrow represent a low area of around 950, oct 95, and the double tails around 1000, july 96. also in the graphic you can see a blue trendline, that line is oct 92 to dec 94. on intraday 4 i've now included the horizontal area in orange dots representing the white arrow from oct 96 and you can see a close up of where we stand in regard to the oct 92 line. so it may not be out ot the question for naz 1000 if these recent lows fail.
i won't venture to guess, but if patterns play out, then evidence is available to project.
milesov |
