Hi guys, I wanted to show you an example of how I interplay the 1.25 Range and the 6 Reversal Charts. They both play their roles. It takes a while to become adept at reading one chart, let alone two. So, I suggest, you keep it simple until you master one chart setup.
Hi Aaron, The 885 area was the 4/30 high and an area that Bill Duryea had been talking about for many days as a key structural area. The market broke above that level on 5/4 initiating a new higher leg in the move upward.
Thus, this level is a key over/under level. Above it, we will more likely see a continued move higher, below it - the pullback will likely continue downward.
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MG,
ReplyDeleteThe reversal is very clear on those charts, thanks. What information led you to choose 885 as a good support level?
Aaron
Hi Aaron,
ReplyDeleteThe 885 area was the 4/30 high and an area that Bill Duryea had been talking about for many days as a key structural area. The market broke above that level on 5/4 initiating a new higher leg in the move upward.
Thus, this level is a key over/under level. Above it, we will more likely see a continued move higher, below it - the pullback will likely continue downward.
Hope it helps,
MG