Thursday, October 18, 2012

Nasdaq Composite

  • based on decline AB
  •  High at the 2x1 fan AG intersecting 3x1 BY at corner of square @ C (red arrows)
  • Lateral support at center point of square ABCD (3050)
  • Note other market action at other highlighted intersections.

  • Breaking support at CZ, which is parallel to BY, will push prices out of the red circle which is about to terminate.
  •  Breaking CE will suggest much lower prices. (CE = 1/2BC)


GOOGLE

  • based on decline AB
  • note market action at highlighted intersections
  • the recent high--before today's precipitous decline--took place at  point E which is the 1x1 fan line  ACE ( AC = hypotenuse of the original AB)
  • Support at 480-500

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