The bounce was from 1912 to 1925 then higher low at 1916 then up
to 1936. This amounts to an a-b-c. There was a pullback and
not a straight move to 1936 which is required for a true symmetry
break. The uptrend was subsequently broken (symmetry breakdown)
followed by a lower high. One must respect any such trigger and the
chart below shows this very clearly.
SPX Daily
Posted by steve on 10th of Oct 2014 at 03:53 pm
$SPX - Chart Link
$SPX - Chart Link
Here comes the 200 day...likely a move under to run stops at least. The question is then will it bounce?
Steve, why was a 22-point
Posted by junkie on 10th of Oct 2014 at 05:14 pm
Steve, why was a 22-point bounce not enough to change the trend (1912 to 1938) earlier today? What am I missing here?
The bounce was from 1912
Posted by steve on 10th of Oct 2014 at 11:36 pm
The bounce was from 1912 to 1925 then higher low at 1916 then up to 1936. This amounts to an a-b-c. There was a pullback and not a straight move to 1936 which is required for a true symmetry break. The uptrend was subsequently broken (symmetry breakdown) followed by a lower high. One must respect any such trigger and the chart below shows this very clearly.
Check your prices closely and study the tutorial.
http://stockcharts.com/h-sc/ui?s=$SPX&p=3&b=4&g=0&id=p30116363289&a=275427189&r=1413000186438&cmd=print