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12,500 was strong support
- Thread starter Warrior4g
- Start date
i don't get this TA philosophy that if we break a level then it automatically implies that we go lower...i understand the principal behind it, but i have also witnessed that it scarcely works. how many times do we cross above and below a level a dozen times? the market won't go down a bunch simply because it has crossed a magic number. what a bunch of mumbo jumbo.
Quote from Asparagus:
i don't get this TA philosophy that if we break a level then it automatically implies that we go lower...i understand the principal behind it, but i have also witnessed that it scarcely works. how many times do we cross above and below a level a dozen times? the market won't go down a bunch simply because it has crossed a magic number. what a bunch of mumbo jumbo.
it goes back to basic trend T/A - usually more winners than loosers (getting chopped around a lot), but when you hit a trend, you really hit it and make your profits.
I have the 1324 SPX level as a downward target for this current sequence. If the market is able to hold that level, a major low will have been made and be the basis for a move up to the 1647 level by mid-December.
Holding 1324 SPX will have terminated the corrective phase that this market has been in since making the initial peak just a touch above 1550 in early June of last year.
Holding 1324 SPX will have terminated the corrective phase that this market has been in since making the initial peak just a touch above 1550 in early June of last year.
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Quote from Asparagus:
i don't get this TA philosophy that if we break a level then it automatically implies that we go lower...i understand the principal behind it, but i have also witnessed that it scarcely works. how many times do we cross above and below a level a dozen times? the market won't go down a bunch simply because it has crossed a magic number. what a bunch of mumbo jumbo.
Because your analysis hasn't yet accounted for the headfakes & robot programs on these levels. Keep learning.
Quote from Landis82:
I have the 1324 SPX level as a downward target for this current sequence. If the market is able to hold that level, a major low will have been made and be the basis for a move up to the 1647 level by mid-December.
Holding 1324 SPX will have terminated the corrective phase that this market has been in since making the initial peak just a touch above 1550 in early June of last year.
I like, and agree, with this analysis, based on my own of the JPY FX pairs.