:: actio-et-reactio ::
amg's market charts and blather
OK, that 30+ point gap down no doubt fluttered a few hearts here and there. Having breezed through the intermediate support of 1364, a quick look at the daily shows geometric support at 1335, which is where the red Median Line on the daily meets Fibonacci retrace. At this point, should price get to 1335, it may bounce, perhaps to 1364 as it oscillates between the blue and red forks.
Keep in mind that the last significant low was 1330, so 1330-1335 is testing that low. Should a double bottom be what is working, the "best" one is a lower low with a higher RSI. People will be looking for a "double bottom", which of course is quite obvious at this point (perhaps too obvious?). 8:50am: Note too that 1335 is the top of the 9/11 gap.
At any rate, whether price continues to trace its correcting motion or if this move was an overshoot of the more optimistic "blue" fork remains to be seen. Apart from the usual bounces, I'm biased to further correction at this point with the next significant low being 1249 with a consolidation at 1279 (ie, the range low 1249-1279).
8:15am pst: One last comment: Note that with today's drop, the weekly shows a break of the very long term Andrews, giving more credence to the "unconventional" Andrews connecting prior lows.
(See the third graph down below, right click and select "open link in new window", or select the "Customize" option box in the right menu bar.)
|
moon phases |
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
blather: nonsensical talk.
At times my analysis log, at times sharing what I've learned. Always my own work and views.
Content: amg
Basis: glish & bluerobot
Powered by blogger
Web Host: lunarpages
