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Hello Ira,
I hope all is well.
Questions inserted.
In a message dated 6/18/05 11:35:20 AM Eastern Daylight Time, mr.ira@xxxxxxxxxxxxx writes:
It is funny how several different traders can look at the same chart and come up with different answers. This has to do with the index only and refers to the daily chart. Different numbers for different timeframes.
The index is right now 42 bars into a 62 bar cycle so downside pressure from time should enter the equation. I have resistance at 1221 which should impede upside momentum. Other upside pressure is over extended and should add to the downside pressure from time.
Are you referring to a quarter, half or full cycle here? We seem to be straight up since the start of this cycle you are referring to. Are you looking for your 1275 objective to be reached by 7/15? Delta is expecting a turn here for the next month to the downside. It usually coincides with other people's cycle work.
The ultimate target for this move up is 1275 with interum price objectives of 1221, 1235,1241, and 1251. Each of these levels should first act as resistance and then if penetrated then act as support. 1135 would have to be hit in order to void these numbers and this move up. This does allow for an 80 point retracement at this time and one would still be within this up move.
I have noticed that many times, but not all (from the limited projections you post), your price objectives are in near increments of 10. Is that just a coincidence or just how your calculations have come out recently?
Looking at a weekly chart, I don't see where 1135 comes in. The recent low was 1141.90? I obviously dont understand how and what you are doing.
It will be interesting & exciting to learn your price and time projection methodologies. I have lots of questions but I'll just wait to learn.
Best Regards,
Enjoy the upcoming holiday. (I don't know if you have children)
Thanks
Lee
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