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Strategies & Market Trends : Harmonic Trading with The Phoenix
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To: the-phoenix who wrote (95)11/25/2002 12:48:29 PM
From: the-phoenix  Read Replies (2) of 941
 
After the retests of the Potential Reversal Zones this morning, all of the indexes appear to be following through on the reversals that started Friday afternoon. At this point one could start looking at profit targets:

SPX: .618 retrace of the CD leg is at 910. Previous reaction high at "B" is very close to the 50% retrace at 915.

DOW: .618 retrace would be 8600, with the previous high at "B" at 8636.

COMPX: the gap at 1420 is just above the .618, but the retest of the breakout above 1425 occurs just about at the 50% retrace of the CD leg.

NDX also hit the 200 day moving average this morning, as another strong resistance zone, signaling a short. I sold the Nasdaq E-Minis at 1128 and covered at noon at the 200 period moving average in the 5 minute chart at 1112.
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