Posted by praetor54 on 21st of Aug 2015 at 10:55 pm
Steve, regarding the calculation above the first chart. 258 I
assume is the move from the Oct 13 low to Dec 01. What I'm not
understanding is the 1981 + 159 =2140 calculation. Additionally you
have a dashed line at 2040. Should that be 2140?
Could you please explain all of this. Very much
appreciated.
That SPX weekly chart was a Fib chart that I put together
several months ago which calculated the .618 measured move of the
prior up leg. That projected a top around 2140
area.
The move from 1821 to 2079 (early December high) was 258
points.
258 X .618 = 159 pts.
Then add 159 points to the 1981 (December pullback low) give you
a .618 ext target of 2140.
The dashed lines were added by Matt later as simple support
areas (nothing else implied).
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Posted by praetor54 on 21st of Aug 2015 at 10:55 pm
Steve, regarding the calculation above the first chart. 258 I assume is the move from the Oct 13 low to Dec 01. What I'm not understanding is the 1981 + 159 =2140 calculation. Additionally you have a dashed line at 2040. Should that be 2140?
Could you please explain all of this. Very much appreciated.
Thanks
Praetor: That SPX weekly chart was
Posted by steve on 22nd of Aug 2015 at 12:24 pm
Praetor:
That SPX weekly chart was a Fib chart that I put together several months ago which calculated the .618 measured move of the prior up leg. That projected a top around 2140 area.
The move from 1821 to 2079 (early December high) was 258 points.
258 X .618 = 159 pts.
Then add 159 points to the 1981 (December pullback low) give you a .618 ext target of 2140.
The dashed lines were added by Matt later as simple support areas (nothing else implied).