Iqbal,
Glad to read you have a target on SOX at ~445. I had a ~443 targeted last summer, but it didn't arrive. Instead we had a retracement from ~387 to ~260. My question is, would it be within reason to target ~514 should we break 445? I ask this b/c I have noticed that these targets once determined will typically get filled eventually, similar to my 443 target finally arriving now (we guess!). I would note this target of ~514 only for the sake of then being able to imagine a retracement from your 445 to about 376. So, please understand that I am really only trying to determine ~376 at the moment, and do not plan to see 514 very soon! Question: In your opinion, am I going too far ahead or am I doing ok with this idea? Or, in other words, is this a reasonable thing to do? If you prefer to send me a private message please feel free to.
I also wanted to share some of my work on the indexes, and run it by you and the thread. If you see anything not quite right, please comment. I have been studying indexes and using them for guidance. These are the ones that I currently follow, and this data is from 2/23 using 9 month charts. I update every 2 weeks.
Just a note- the indexes which seem to fall between levels I will list on both levels to show this state of flux.
Indexes Ratings, and btw this is a bull's perspective at the moment. <g>
Basement: (not very interesting at the moment)
XAU EVX VIX TYX MEX
Level 0 : (in early stages of recovery.....perhaps)
BKX BTK CWX CYC RXH XNG XOI
Level 1 : (about to break out....we'll see)
BKX CEX CWX XCI RXH XBD XNG NDX NWX
Level 2 : (showing a breakout)
AUX XMI CWX XCI MSH FPP HMO SOX VLE TXX PSE OEX
WSX MID SPX RLX NYA IUX RUT IIX XOC
Level 3 : (pulling back, pulled back to/near breakout levels, or wound up)
JPN GAX SOX TRX RIX
Level 4 : (in full uptrend)
XAL CMR HCR HCX RXP RLX PNX XBD DRG
Level 5 : (coasting (might resume uptrend or perhaps begin downtrend))
UTY PNX XBD |
