Saturday, 21 July 2012

One of the simplest but most reliable rules is to look for 3 tops or bottoms as you usually get a decent move and often a fast one.Do we have our 3rd top ? The Gann cycles from a few days ago called the second top  so things might get exciting


On the SPY we can see the market has gapped down twice from the 137.5 area.Nice spinning top and reversal yesterday



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4 comments:

  1. Anonymous21 July 2012 at 08:32

    very nice/ Third bubble completed. Decline should ensue

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  2. Anonymous21 July 2012 at 13:42

    CR...draw those SNP lines on a BAC chart and let me know if you see anything stopping it beore mid $5's...please and thanks

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  3. Chartrambler21 July 2012 at 15:57

    Hi Stockyard.BAC is a very different looking chart.It looks very poor and my guess is it will retest 5.00 at some stage.The thing that stands out on the chart is that the range was 5 to 10 so divide that range by 8 to get the restance levels.There may be some support at 5/8 (or 0.618 if you prefer !) It is following Gann's natural time season nicely (low late Dec,high late March,high late June so maybe a low late Sep ?

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  4. Chartrambler21 July 2012 at 16:35

    I posted a chart of BAC on the blog

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