Saturday, 1 June 2013

Spx

Price overshot the rising 1x2 on the weekly chart and then broke back below with a bearish shooting star candle.Best guess now is for a correction to the rising 1x1 line. The overall pattern looks like a rising wedge



Here is the daily SPY chart with a displaced 4dma and a 21 day weighted ma,and we can see a big black candle on Friday that took out the last daily swing low and 3 daily highs so we should see some more weakness next week. We are 1 year from an important low, Gann's 360 degrees in time
The abandoned baby candle on Tuesday was a bearish signal and made a LH


1 comment:

  1. the run up from 1480 was 3 months ,so looking at Gann's "circle of time" (360 days essentially).........1 year from the low,6 months from November low ,3 months from Feb.......Gann said to.divide the circle into fractions and look for evidence of trend change. Then you can look at time and price at the high and see if they balanced .We ran 420 pts in 352 days so we could decline for 68 days to allow time to "catch up with price" , which is July 28

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