SI
SI
discoversearch

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 Millennium Crash
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Cage Rattler who wrote (1665)11/18/1997 7:42:00 PM
From: GROUND ZERO™  Read Replies (2) of 5676
 
Ted,

I think you're mixing apples and oranges. If you plot the geometry accurately, you will find many remarkable things. But, you can only use the most previous high or low pivot point of equivalent size. From high to low, use the previous low to measure resistance. From low to high, use the previous high to measure support. The price can cross intraday but close away from it. If that happens, you get a very fast move away from that line as we did in the DOW with that major reversal on Tuesday after that 550 point drop on Monday. Knowing that was support, I bought the opening on Tuesday's 200 point lower opening expecting a rally which happened that day. As it was, it was the low of the selloff. Great fills. We have not yet returned to that line. If it returns to that line as it may right here in the DOW, then there will be a major selloff to the next lower parallel line. If 8100 is reached first, then we should see another wave of buying into new all time highs in spite of what the experts tell us.

The strategy: I will stay long unless the DOW fails to reach the next upper resistance above 8100 but moves lower and closes below the next support line at 7400. If that happens, I will be a net seller immediately.

Did I lose you?

GZ
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News