|
PureBytes Links
Trading Reference Links
|
Another rter asked me if I was still using astro tech and admittedly I said
no because of some hardware/software/database changes. His question did
pique my interest to see what the view has been since last summer and what
the immediate future held. In previous use of the Quick Harmonic trader the
4th harmonic for the bullish view and the 4th harmonic mirror for the
bearish view seemed to be useful. The OEX has been following the bearish
view more closely so that is the attached chart. In the bearish view, the
OEX hit resistance at Jupiter / SunEarth last August after finding
Neptune(thick white line) support 3 times in June and July. After the
August high Neptune failed the 4th test of support. Since then the OEX has
been finding support/resistance within two of the declining sun/earth price
lines(4th harmonic). Uranus(yellow price line) was support in early
September and then resistance in late October. Neptune(thin white price
line) provided support at the October and November lows. Then in December
the primary Jupiter line provided support for the last rally attempt. So
what does it mean if anything for the future? Well, Jupiter 658, Saturn
666, Uranus 671, Neptune 686 might provide some heavy duty support in
January. Last Friday Neptune once again appears to be the support line at
686. Venus would appear to provide resistance at 704 next week as price
collides with the down sloping Sun/Earth line. If it doesn't, then the next
series of resistance lines would be at Jupiter 748, Saturn 756, Uranus 761,
Neptune 775. The fact that the OEX has these heavy duty support lines just
below prevented a trip to the lower side of that bearish Sun/Earth channel
running since July. Perhaps it means the OEX is in for a trend change.
BobR
http://www.oextrader.com/sigma_trader
http://www.zubee.com
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
Attachment:
Description: "OEXBEAR.gif"
|