that's as long as we don't have a higher low now with a rally which goes higher than 11860, before we turn back down.
Breadman, do you think 11/12th September as you predicted from last month the reason for this sudden upswing?
Firewalker as much as I was a bear I'm really unsure aout this next move.
On this chart created on Nov 07 based on previous turn in 2000-03, the Fibonaci first arc is acting as some pretty strong level of support. I can also see the higher low so coupled with the two red S&R lines based on same magnitude as previous falls is the reason why I feel next wave is an upwards move. Purely based on TA S&R off this chart. Charts showing 12300 by end of the year but I reckon with some hype 13000s on the cards. Perhaps another lower high around December. Our poor fund managers must get their bonuses or the World might well cave in. :cheesy:
The red circle was where I was expecting the indeces originally but the falls have been much more rapid and breakdown quicker than I thought. Might still happen but who knows.
I am also looking over my shoulder and can also see H&S formation and if the falls do take place then 10500 is also visible. Even 10,000 which is the ultimate support line I have based once again on previous falls.
In summary, I think the red S&R lines will hold and I expect a move up for these reasons.
I would like to see this consolidation/congestion work it self out of the system first so we can see where we are heading next.
Previously, I would place trades in the morning or evening before setting off to/from work and I would make gains or get stopped out. Last week or two it was all stops and no gains. Hence, I have learnt my system works sometimes and fails at others. That's MAs for you dohh...
Good trading everyone.
