Tuesday, July 6, 2010

Why support at 1010-1020?

1008.55 = 38.2% retracement of the March 09 – April 2010 rally
1020.60 = 61.8% of the April-May decline from the June 21st peak. BC = .618AB

3 comments:

Anonymous said...

If you think 1010 is important support, then what is the significance of support at 994.79 and break at 997 etc. etc.

If I believe in Planetary influence, should I really care about these support and resistance numbers, in the short run??

Fibocycle said...

Absolutely. The interaction of price and time is essential if one expects to profit at trading. The astro-timing should be used to make one aware of the general timing of events. The influence of planetary cycles is like a wave--its effects are felt both before and after the wave strikes the shoreline. Water levels rise--climax in a smashing wave--and then recede. The wave breaks due to unforeseen conditions below the surface--the timing is not exact but the warning of an impeding wave can be anticipated.

Fibocycle said...

The significance of the 997 level was due ot the daily pivot point calculation for Tuesday's session. The second pivot support for Wednesday is 992.60.( the 1st is 1016.77) Breaking this level would suggest lower prices and an acceleration of the decline.