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790 is also the .618 ext of 1553-1081. I sure would have preferred
800-810 though.
--- In realtraders@xxxx, "Hill, Ernie" <ernie.hill@xxxx> wrote:
> So far the market is holding up, that is to say it is not crashing.
Right
> now the market stands at the edge of the cliff right at the
crossroads of a
> brief but possibly strong rally, and slipping into panic selling
crash mode.
>
> Tomorrow's key levels are 791.55 and 780.
>
> 791.55 represents a 1.618 Fibonacci extension of the move from the
5-17 high
> to the 6-14 low as measured from the 7-8 high. I have previously
posted the
> Fibonacci relationships associated with the 780 level.
>
> The market could find support at either one of these two levels
which could
> spark a brief two to five day rally. If this rally does take place
it will
> likely be only an interruption to the current powerful down trend.
If the
> 780 level fails to hold support tomorrow there could be full scale
panic
> selling.
>
> I do not think that will be the case. First off my timing model is
calling
> for a short term bottom to be made tomorrow +or - 4 trading days.
Secondly
> the 780 level appears to be a very strong support level, and
finally it
> looks like we are completing a short term corrective pattern on the
hourly
> chart that often precedes reversals.
>
> E
>
>
>
>
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