Short Term Trading Member Forum

[Toppcats]

Euterpe - ty for the comment. I saw your post just prior to having to leave for work this AM - was going to respond later BUT I see that the futures are already declining into the target area and wanted to get this to you. The chart you linked to shows a s/r line at 1032/1033 on the spx - this is the support line that features the multiple price touches and is the point where I expect a bounce. I apologize regarding the more recent chart as my'focus' there was an analysis of the 16 week cycle that was being discussed. That chart featured a longer time frame and I have to look more closely at the placement of that s/r line on that chart. These various Gann s/r lines arise from ellipses in other time frames that I work with. At present I have 1033 as my next significant support line. If that breaks then I have a s/r line at 1007 BUT yes - once the market breaks that 'major' at 1033 I expect that the ellipse floor at that 900 target area is in play.

Good trading!