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Today was a gap open that was, just, a gap to follow rather than fill.
Hence you would be long from the open. The first retracement was .618 and
therefore telling you that the market was unlikely to go much further.
The market then stalled just above R2, to confirm what the retracement told
you. So quit with a pocket full of time. As soon as it came off more than
.618, you were short. Didn't fancy the double bottom, but watched the
retracement which was a helpful .500 bearish from the top. When the market
failed to make, let alone take out, Yesterday's High, it was time to pull
the plug. The market then aimed for the re-jigged pivot and has been
sideways ever since.
It looks as if we are going to close with an upthrusting doji, so the
prospects tomorrow are for down rather than up, which will coincide nicely
with the triple witching volatility - allowing the Spoo to try and fill its
gap.
All good fun, isn't it?
Bill Eykyn
PS for those whom this will prompt to ask about the manual - yes, nearly
there.!!
PPS having watched all your drama with bland Blair's mentor, I was surprised
that at least one of the 'funnies' didn't quote my favourite Englishman,
Rudyard Kipling:
"A Woman is only a Woman, but a good Cigar is a Smoke"
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