ajtj's Post-Lobotomy Market Charts and Thoughts Message Board

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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts

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towerdog

To: Sun Tzu who wrote (73830)	11/15/2022 10:01:50 AM
From: Sun Tzu	2 Recommendations Read Replies (1) of 97817

Trading system progress 2 I've confirmed that upper/mid/lower bands map closely to support/resistance levels on the way down. I have not began to predict the bull market moves yet, because my concerns are with the immediate right now. This is still a system in progress, but here it goes. Suppose that due to your read of the tape or the say so of some guru or whatever, you concluded last December that the bull market has come to an end. There are actually patterns in this system that would help predict it, but let's not get into that. Say you then drew fib set by placing the 0 point at the upper red band where the resistance is, and the 1 point to the previous green flatline where the support should be. IF the midband blueline has a had a flat stretch (as was the case here) extend it. This is the picture we'd get I note the following: (1) The One point (extension of the green line) is your first primary support to bounce off of. (2) The blue line becomes the first new resistance and targets of bear market rallies. This has been a consistent and reliable signal. However, we don't always get a flatline stretch on the midband. (3) Sell once that resistance has been violated, and the 1.38, 1.62 extensions become your 2nd and 3rd supports to bounce off of. (4) Repeat the process: Redraw the next Fib set. at the top flatline set which now is confirmed with both redline and extension of blueline and set the 1 point to the flat greenline. (5) Note that the recent bottoms and bounces came again at 1.38 and 1.62 extensions and that we are now approaching the blueline flatline extension (not drawn since it is close enough to see). Which means that at least in the short term the rally should be coming to an end soon and if the bear market continues, which I think it will the next primary support is ~11300 on NQ.

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