The Bird's Nest Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Bird's Nest

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: clutterer who wrote (13601)	3/2/2009 11:48:19 PM
From: rcksinc	Read Replies (2) of 15232

Mad How does that give you a 620 target? It may be obvious but I don't know point & figure analysis. I think the 685 level spx may give us a bounce at least and probably only back to 741 area at the most but time will tell on that. Here is my reasoning, on the spx monthly chart you can see 685 acted as resistance for a couple months. In May 1996 it stopped price and then closed below it. June was a month of consolidation just below it. July saw us back test the 600 level before bouncing and closing near 640. August was a bullish consolidation month before closing above 685 at the end of Sept. In Oct the 685 level was back tested and off the market went.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next