>>To determine the target of a flag formation, one needs to measure the "flag pole", and add the length of this flag pole to the breakout point of the parallelogram (today, broken at roughly 965). The 1/12 low was 917.7, and the 1/20 high was 982. This gives a flag pole length of 64 points. This added to today's break out point yields a highly reliable target of 1029 on the march S&P Futures.
Oh yes, and one more thing about this type of formation: They don't mess around taking time to fulfill their targets!! Should happen in the next 6 trading days!!
The wall of worry is stretched high to the sky!! Get ready for some climbing!!<<
David,
That was one hell of a CALL on Jan. 26th.!!!
Wish you would post more often on this thread...
A lurker, I will take this opportunity to thank the regulars here, Bill, Haim, Bonnie, GZ, Jim and others for a wonderful discourse on the daily vagaries of market action(s).
Regards,
Karim |
