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.
Hope it helps,
MG
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