Replies to post #23081 on The TradingEdge

[Mike_Mac]

Yes...I like that...so even though in my posts I'm looking for an undercut of those levels (say within a couple of weeks), this tends to work and we can see how the test works say at 1275 (if we get there) even if say 1265-66 is the double bottom of recent lows. Only thing is that if we aggressively take out 1294-1295...I have some suspicion that 1260-80 can hold in the mid term (so that is why I'm looking for say 1224, 1200, 1175, and worst case at moment 1155). In the meantime like the targets you have here and reasonable goal posts (even though I likely didn't get your touch down values quite right... Mike

[Mike_Mac]

Glen, Buy the way look at recent double top in April-May time frame this year...and similar double top in July - Aug 2011.

We are undercutting that previous double in a significant way and that was a nasty down trip. So if looking for overlapping support areas might be good to take half the move of that entire trip down from 1380 down to 1100. Just as an interesting take on this..

At any rate thinking out loud...but that is 180 its on the down move so 90 its would be half of that.

So off of 1100 bottom would be 1190. Just another way to look at it.

Likely now within 1-2, perhaps 3 posts of being done But don't have much more say here...

Just interesting when I looked at your chart...Hadn't really thought of it before. My preferred target is in the 1175 area (but had my eyes on 1190-95 due some other things I was looking at in the monthly and quarterly charts).

At any rate...Just think we should be contained by 1295, but if that fails not sure that 1265-75 will hold that long and we will search for 1225 perhaps down to that sub 1200 area I keep eyeing.

Strange, I'm normally a bull. So when I turnaround like this it makes even me pay attention... LOL.... Mike