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Greetings Traders!
Week ago I posted a Standard and Bored 500 forecast for this week and
following. You may recall it, it was the one I called a GUESS to appease
certain strangefellows.
Moving on, that 'guess' was for the SnP market to make lower prices this
week thus making a lower low on the weekly chart. This it has indeed done
already.
Since this week isn't over yet, it can even go down lower tomorrow (Friday
10/17), before it starts back up again next week as mentioned in my
previous, and to last a few weeks not violating this weeks lowest low price.
In other words, I feel that it is now a good time to look on the long side
here.
So we look for possible support prices that can contain our current dropping
SnP prices.
Using two separate chart formations in the TTC formation calc, I was looking
for any kind of convergence.
We almost had one for today, 10/16 where one formation provided a Level 4
support price of 957.75 and the other (closer formation and much more
likely) 954.20. Now, assuming this market drops a bit more tomorrow (10/17),
the support values dynamically adjust each day so that 10/17 now has the
older formation at 957.30 (which I'd probably disgard assuming prices make
new lows) and the highly probable support prices based on the most recent
formation at Level 3 - 954.65 or Level 4 - 949.10.
Do with this information as you will.
cheers!
:)
rick
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FutureSoft Publishing - Precision Trading
http://FSoftPublishing.com
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