July 24th has been turning point in the past for Spx - 2001, 2002 to name just two. Also 24th is (I think) 77d from the highs in May. Curiously 77 often has strange effects .... is it a Gann Number ?
[On Ftse 77d from high brought in the lower high on 7/7........ This week's rejection came at 90d from high.]
You imply that Sox may be near a low and a bounce is due - does that mean Spx 1219 (if hit) may also cause a rally ??
Hookie
[On Ftse 77d from high brought in the lower high on 7/7........ This week's rejection came at 90d from high.]
You imply that Sox may be near a low and a bounce is due - does that mean Spx 1219 (if hit) may also cause a rally ??
Hookie
ajaskey
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Hook Shot said:
A Google search of "WD Gann 77" shows Gann died at age 77 - so I suppose that was significant to him
Seven/Eigths is 78.75. Subtract 45 from 75 (today which is a weekend and can count as Friday or Monday) and you get 30. Both 45 days and 30 days are significant. Basically this means that today is 30 days since the significant day of June 21st which is summer solstice,45 days from the top, and 135 days from the previous bottom.If Monday is a turning point then this will look like genius. If not then it is just another "significant" day that did nothing.
ajaskey
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ajaskey said:
Next week has to touch the green line - then it can go up.... or down...
Another interesting longterm squareout today. Hit the 2/3 bear market retrace line at 1.5 times the duration of the bear market. Interestingly, it has hit this line the last two time increments I watch also.
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ammo said:
The charts are simple.
Pick the most significant range in the timeframe of interest. Draw diagonals thru the box and then copy those lines shifted in 1/8s or 1/4s of the time - whatever makes sense. The shorter the timeframe the more diagonals that make sense - at least from my viewpoint.
Divide the price range into 1/8s or 1/4s - whatever makes sense. I often don't draw lines where price didn't go. If you copy the diagonals then they will show you where the the horizonal and vertical lines go. Price tends to pause or change direction where the diagonal lines cross, a diagonal line crosses a horizontal line, or the best case when the diagonals cross at a horizontal. Why? Because price moves in a specific geometric pattern. And because 99.9% of traders ignore time in their analysis the price moves naturally - rarely having big money jam it in one direction or the other to make a squareout.
Price likes to hit a significant intersection at 50% and 100% of the time of the original range. You can find some good trades when you see price moving towards a significant intersection and get ahead of it in time. It doesn't always work so you should limit your risk with position size and/or stop losses points.
watch for buying or selling at 9:30 (cst) chicago time for fund managers,today is 10 days since last big buying spree which kicked off most recent rally08/15/06. Selling could signal they are bearish /buying bullish,lack of volume in this last rally makes one wonder if they think its toppy and will be selling thruout day, 9:30 a.m. will tellammo said:
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