LONGER TERM OUTLOOK

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koolblue

5792 Posts

Posted - 12/03/2008 : 18:12:14 Show Profile Email Poster Edit Topic Reply with Quote
Some thing to ponder, besides the 872.50 21 day moving avg on the daily chart.... 1008.50 top- 739 low was 269.5 points and a 50% retracement is ...(drumroll),... 873.75 Small wonder the 872.50-877 zone is giving at least some short term resistance. Also note that the entire crash from the May top at 1441.00 to the crash low at 739.00 is 702 points. 0.236 retracement comes in at 904.50. REMEMBER THE DAILY PROJECTION OF 904.50?(STILL VALID UNLESS 739 IS TOUCHED AGAIN).

koolblue

5792 Posts

Posted - 12/03/2008 : 18:14:37 Show Profile Email Poster Edit Reply Reply with Quote Delete Reply
In short , on a longer term basis the market HAS to toch 904.50 or its going to break 739, and i just dont think thats in the cards yet. I f it was, then whats left for the upcoming serious cycle bottom due in mid Jan?
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koolblue

5792 Posts

Posted - 12/03/2008 : 18:21:10 Show Profile Email Poster Edit Reply Reply with Quote Delete Reply
ALSO interesting how the 0.618 retracement of 1008.5-739 comes in at 905.50.... further pointing out the importance of this resistance zone...IF SURPASSED NEXT STOP WOULD BE 922-24 AREA, THEN 974.... Enough about the'longer; term, all i really care about is the next 5 min.!..LOL
Edited by - koolblue on 12/03/2008 18:46:20
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koolblue

5792 Posts

Posted - 12/03/2008 : 18:29:54 Show Profile Email Poster Edit Reply Reply with Quote Delete Reply
CURRENT SHORT TERM PROJECTION UP IS AROUND 876, unless 865 is taken out first.
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koolblue

5792 Posts

Posted - 12/03/2008 : 18:35:45 Show Profile Email Poster Edit Reply Reply with Quote Delete Reply
PROJECTIONS DOWN ARE 862.00 and if taken out you would look for 852.50. THAT SETS UP THE GLOBEX SESSION(All unless 873.75 is taken out)
Edited by - koolblue on 12/03/2008 18:37:11
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