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Here's a super long term t-bill chart (log scale quarterly
bars) for the macro-minded...
Two sets of Babson channels -- the upward sloping ones are
based on the top yellow trendline that was touched various times, then the
parallels/subdivisions are derived using the 1940 low -- a whopping 0.1%.
The top line, the bottom line and the mid line are yellow for
clarity.
Babson #2 ...downsloping is essentially the same theory -- the
lowest white line was support 3 times, then parallels based on the recent
high.
My thoughts...
1st support at fib 23.6% (vertical) = 50% angular (yellow mid
line)
Yellow mid line support broken = market looking to go
lower
Next support at white line/dotted blue
intersection
Maybe eventualy final support at confluence of
fib, upsloping channel and downsloping channel??
See the relationship among the white lines -- big recent
correction(to top white line) = angular 2x expansion of prior correction (mid
white line) This is a very common relationship with these techniques if
the angles are right. Or in Elliott terms, w 2 after w1 down will reverse
at an upward expansion the downtrend line that contained w1. Sometimes 2x,
sometimes 1.5x, etc.
Bear in mind that scope of this chart -- a lot goes on in
every 3 month bar.
Regards,
Chris
p.s. FYI, the flat line in the early part of the
chart is WWII.
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