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Earl,
So, If I read your previous gif's right...we now have a strong move down,
pausing at the 1940 level, which now becomes resitance. We have today
blasted thru the "rim"? at the 1900-1905 levels, which also become strong
resistance in conjunction with the .62 Fib.
Do I have it right here at the bottom? the 1870 resistance has been broken
on the upside and now should act as support, also the is .38 retracement.
So, expect to hold here, but encounter resisitnace all the way to 1900
...and the 1880 CL_andrews line. At 1900 should be looking for a shorting
opportunity.
If 1870 fails as support, the downtrend resumes, testing the 1850 and the
low.
??
Thanks, Charlie
I've attached a gif of the 13 minute NQ
----- Original Message -----
From: "EAdamy" <eadamy@xxxxxxxxxx>
To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, May 25, 2001 7:12 AM
Subject: [RT] Re: Symmetry - Nasdaq
> One more observation regarding this chart - remember my comment that long
> moves which are unbroken with significant pivots represent strong
> support/resistance when evaluating symmetry. Look at the left side of the
> chart I posted on the NASDAQ composite and you will note a long run which
is
> not interrupted with pivots - this is the kind of support which is not
> easily broken and quite likely explains why the decline met only the
minimum
> 62% objective rather than the 200% objective. The "ideal" chart provides
> regular series of relatively evenly spaced pivots up and down, however the
> world of trading is seldom ideal.
>
> Earl
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