Well done to traders who remained bullish...It was some rally last week.
Last weeks rally broke my initial resistance levels 17230 to 17360..I will be curious to see if those levels act as some form of support if the market declines as often they can based on the anlaysis that I do.... eg One earlier level I had in Mind during the recent rally was 16666 that broke as resistance but later came close to support at 16680 ish.
I had 3 good cycles between the 18th to 20th Oct and thought when the market hit 17230 that it would reverse... but it found a Low just after the cash market opened on the 19th and it continued its rally.
The Long cycles I use do often see large moves of 500 pts or more and I suspect in this case it was a continuation cycle, not a reversal one...
I will have to try not to suggest if the cycles will likely be reversal or continuation moves. Sometimes I get good spells where suggested directions seem right with the cycles..but not always.
But the Dow has hit around my higher resistance level that I posted on Oct 9th was hit on my next cycle date that I indicated for the 23rd Oct.
Its been an amazing rally since the August 24th Low or even since the Late Sept early Oct lows.. almost back up to where the June/July Aug highs were before it started its large decline..
Posted 15th Oct
My next main October cycles for turns suggest into the weekend 17th/18th Oct and 20th/21st then 23rd Oct
http://www.trade2win.com/boards/ind...ading-ideas-discussions-1045.html#post2641648
It has aso hit a great trendline fom 2011 that I suggested in my comments made on the 9th Oct..
So I am curious to see if the market reverses Monday...
If it does not reverse and decline into next week, I am uncertain what to expect ...but other cycles I have would be between the 28th/30th....Then Around Nov 5th/6th..
Longer term...I am wondering if we are going to see new highs into December or January 2016.
If I recall before the declines started back In May..I had other targets if the 18360 level broke somewhere around the 18500/600 level..but I also have 18880 to 18888 in mind...
After Nov 8th...My Next major cycles come in After Mid November...early and Late December and January !
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Posted 9th Oct.
On the Dow I have 3 main price levels that my analysis indicates.
Lower resistance suggests = 17230.... above that Mid resistance = 17367...
Between these levels I have a few calculations suggesting this should be a strong resistance area.
If that breaks...then initially I am looking between 17600/17700 on a higher level.
On the Higher level , there is an interesting Trendline forming from a Oct 2011 low that also hit the Oct 2014 low as support.... and sometimes we see such trendlines hit later as resistance points. For this weekend my calculations suggest that would be at about 17630.
http://www.trade2win.com/boards/ind...ading-ideas-discussions-1010.html#post2638544
