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Yesterday (7/27) I presented an analysis that showed the high of Friday
at resistance as shown by the Formation calculator at Level one (1).
Today the market pierced right thru it and we have now arrived at Level
two (2). Note the calcs below:
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(FIB) Formation - Target Date: 7-25
Formation Dates : 7-2 7-15 7-21
Formation Prices : 607.5 681.5 631
Target Date Levels: L1-658.76 L2-672.88 L3-685.50
L4-699.37 L5-718.56 L6-755.50
Fib Range Levels : 650.29 656.25 662.21 669.58
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(FIB) Formation - Target Date: 7-28
Formation Dates : 7-2 7-15 7-21
Formation Prices : 607.5 681.5 631
Target Date Levels: L1-661.96 L2-676.97 L3-690.38
L4-705.11 L5-725.50 L6-764.75
Fib Range Levels : 650.29 656.25 662.21 669.58
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I'm presenting both the calc figured for 7/25 and the calc for today
7/28. Note again that our high of 660 last Friday was at our Level one
(L1) at 658.76. Today the market shot up but found it hard to penetrate
the 676 mark. Notice on the bottom calc that we are now at Level two.
This by the way presents a wonderful argument as to why TIME is so
important. Without time, we could be merely watching prices jump from
one level to the next. It looks good for this market now to head down.
But stops as usual are prudent.
Good trading!
cheers!
:)
rick
PS: I thought I'd take the liberty to experiment with options. I sold a
couple of 700 calls at 9 3/8 for Sept. just to see the value drop. I'm
not an option trader by far. When traders talk option shorts and longs,
straddles and strangles, I can only go 'huh?'. But you have to learn
somehow, even if it ends up costing you (which it usuall does).
Therefore, I've paid my tuition (maybe).
--
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