Setting target with the Golden Ratio for SPX

alpbeta

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I am new to this forum, this is my very first post, hope yall enjoy!

Here is what i think is the market is positioning...
SPX06192011L.png

SPX06192011M.png

SPX06192011S.png
 
thx for the reply!
actually, i created these chart a week ago, so the data is a bit behind ;)
to your question, not really, b/c this is all about using elliott wave and the golden ratio (0.618) to project the downside target. there is nothing to do with support/resistance.
to me, price extreme and price motion is more important than support/resistance.
though, according to EW, wave 4 correction never overlapped wave 1's territory, which is 1220.
so it is reasonable that wave 1's top will be the support, or this whole idea fail. (n)

ah, i see, so what you're really trying to say is that previous Resistance will become Support ?
 
sorry, i was being a bit naughty and sarcastic, 'cos I just look at a chart without any of that stuff you mentioned, and just see the obvious.
but if it works for you, more power to you .....
 
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