No one technical method to determine support. Use combination of Elliott Wave retracements, Rick Ackerman momentum method, and recent previous patterns. In regards to recent patterns, I have noticed the last 2 short corrections were similar in duration and steepness. There is usually a minimum 3 waves structure down before a steeper correction is seen. This implies we have one more shallow drop followed by another new high.
As stated before, I do not use any strict method, and a good portion of the time only based on my own intuition, which is a result of decades of daily market observations. Can't yet formulate it, but I have kept score on success rate. I go on streaks, but tallying up all my bets it has run over 70 percent correct. I had a great streak this whole year, up till last 2 months. I am off on assumptions and keep missing the plays. I am however pretty convinced a correction of some substance, DOW drop of 600 to 800 points is right around the corner, followed by another big move up. I had thought the drop would have already occurred since seasonality favors the bulls. Perhaps it will be a short but sharp move both down and up. In any event this bull run should easily top 1900 on SPX before any trend change.
Gold, which I gave up betting, is in a very defined down trend. The final lows should be in the low 1100's.
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