Replies to post #17410 on Zeev's Turnips Patch-No Politics (ZEEV)

[SantaCruz]

Interesting, I also have 1500 (dropping about 4-5 points per day) as the current point for the upper line of the down channel which began in Jan (continuing through the March and May highs). However, I do realize that horizontal support/resistance areas provide better support/resistance than trendlines. And I also know that overshoots are common. So 1526/50 sounds about right.

[LG]

Zeev: Actually that's not what I call a pivot point. A pivot point is the point at which the price action makes an abrupt reversal of the current trend. Those pivot points can be intra day, short, medium and longer-term, depending on the trend or trends that are ultimately proven reversed.

I do have a Gann 50% rally projection that is at 1548.33, so I'll be watching the range if and when the price action rises that high. Since I do look at pivot points, as that is part of my methodology, I am looking at the 5/7 pivot low (1560.29), as it provided initial support for the early June decline which produced an intra day pivot low on 6/4. On occassion the boyz will over come support/resistance by jumping over or under, as was exibited with the 6/6-7 gap down. This gap down was followed immediately with a rally to fill the gap and test the 5/7 pivot low for resistance. The 5/7 pivot low was again tested for resistance on 6/18.


Regards,
LG